This is the second time in a year that Pegasus has agreed to merge with a company only to have it fall through. Last June it announced plans to join forces with CoCa Mines (NASDAQ) but several key executives at CoCa later balked about their new positions with Pegasus and scuttled the deal.
USMX President Michael Mehrtens said that both companies “viewed the potential combination as being beneficial to their respective shareholders” and he hoped they “could continue to explore their relationship and various interests in the future.
Dick Ryan, manager investor relations for USMX, was unable to elaborate on the termination of the merger other than to say it was USMX that called it off.
“We are trying to get some more information out to the market place,” said Ryan. “Unfortunately some things that have to fall into place aren’t directly in our control.”
He said it could be a matter of days or weeks before “we can give a more complete disclosure. But I have a feeling it’s probably going to be the latter.”
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