A new company, Pyx Mining, has been formed through the combination of Rayrock Yellowknife Resources (RAY-T), Minera Rayrock (MRN-T) and Inter-Rock Gold (IRO-T).
Under the terms of the proposal, Rayrock Yellowknife shareholders will receive one share in Pyx, at no additional cost, while continuing to hold Rayrock shares. Rayrock will thus hold a 37.5% equity interest in Pyx, which will have one class of common shares and will hold all Rayrock’s mining assets.
If the transaction is approved, shareholders of Minera and Inter-Rock will receive shares on the basis of one Pyx share for every 7.1 Minera shares and one Pyx share for every 5.7 Inter-Rock shares.
Pyx will focus exclusively on metal mining projects and will hold the group’s entire portfolio of gold and copper mining interests, which include: * the Dee gold mine in northern Nevada;
* the Daisy gold mine in southwestern Nevada;
* 66.7% of the Marigold gold mine in northern Nevada;
* the Ivan Copper mine in northern Chile; and
* the group’s exploration interests in Nevada, Chile, Panama and Ireland.
All inter-company debt will be eliminated through an exchange of shares and cash.
David Hutton will become Pyx’s president, resigning as executive vice-president of Rayrock Yellowknife and from other posts in the related companies.
The new Rayrock Group will consist of three public companies: Rayrock Resources, Pyx Mining and the heavy-oil company BlackRock Ventures (BVI-T).
The transaction is expected to take effect Dec. 31.
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