Monday April 21, 10:09 AM
CAMEC to buy 21.13% stake in CRC
LONDON (ShareCast) - Central African Mining (CAMEC) has acquired 7.13m shares in AIM-listed Copper Resources Corporation (LSE: CRC.L - news)
(CRC) for £13.11m in cash and has agreed to buy a further 11.03m shares in exchange for 35.78m CAMEC shares. Following completion of the purchase, CAMEC will have a 21.13% stake in CRC's issued share capital. CRC is the holding company of a group of mineral exploration and development companies which own three properties with total recoverable resources of 7.2b pounds of copper. "This acquisition is in line with CAMEC's stated strategy of building a major copper and cobalt mining operation in the Democratic Republic of the Congo. We will use our expertise in the region to assist CRC's management in rapidly bringing CRC's operation back into production," said chief executive Andrew Groves. "We believe this is a good deal for CAMEC and its shareholders and has the potential to add considerable shareholder value going forward," he added.
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