China Goldcorp, First Iron takeover terms amended
24th Jul 2012
JULY 24 – The reverse takeover of China Goldcorp by First Iron Group will be completed via a share exchange, following amendments to the agreement.
China Goldcorp will acquire from each First Iron shareholder all of the issued and outstanding ordinary shares of the company, in exchange for 54.5M common China Goldcorp shares.
Completion of the transaction hinges on China Goldcorp acquiring at least 90% of First Iron shares.
Shares in China Goldcorp remain in halt, and will likely stay halted until the approval and completion of the transaction.
Following the closing of the transaction, a private placement will be carried out, consisting of the sale of units of China Goldcorp at a price of $1/unit, to raise $6M-$12M.
Each unit will comprise one share of China Goldcorp and half of a common share purchase warrant. Whole warrants will be exercisable for two years from the closing of the transaction, at an exercise price of $1.50ps.
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