Wiscan to merge with Yamana

A merger between Wiscan Resources (TSE) and privately owned Minera Yamana has been approved.

Wiscan will transfer its assets and liabilities to a wholly owned subsidiary, Moss Resources, and the shareholders of Wiscan will become shareholders of Moss. Following this, Wiscan, Moss and Minera Yamana will amalgamate to become Yamana Resources.

Wiscan shareholders will receive one common share of Moss and one-fifteenth of a share in Yamana for every Wiscan share held.

Yamana and a subsidiary of Noranda (TSE) plan to form a joint venture to explore a massive sulphide prospect in the Tierra del Fuego district of Argentina.

Letters concerning the share transfer were mailed to shareholders before Feb. 1, and shares of Yamana and Moss were to have begun trading on the Toronto Stock exchange by Feb. 6.