Two unlisted companies, Marmora Mineral Products and Gitennes Exploration, plan to amalgamate, and the new company, to be known as Gitennes Exploration, is expected to trade on the Canadian Dealing Network.
Shares in Marmora and Gitennes will be exchanged for shares in the new company on a one-for-one basis.
Before the transaction can be completed, approval is required from shareholders and regulators and Marmora must restructure its debt to Platinova Resources (TSE).
Marmora plans to issue two directors 750,000 shares at 20 cents each to raise $150,000 and thereby pay part of the debt.
Marmora owns a wollastonite property near Madoc, Ont., and Gitennes has interests in three diamond properties in the Northwest Territories.
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