AMSTERDAM, Nov. 28, 2016 /CNW/ - Meridian Mining S.E. (TSX
V: MNO) ("Meridian " or the "Company"), today announced the
completion of its acquisition of Cancana Resources Corp.
("Cancana") and the listing of the common shares of Meridian on the
TSX Venture Exchange. Trading in Meridian's common shares
will commence at market opening on November
28, 2016 under the symbol "MNO".
Effective November 28, 2016
Meridian has completed the plan of arrangement (the "Arrangement")
contemplated by the arrangement agreement dated September 30, 2016, between Cancana and the
Company. Under the Arrangement 17,978,259 Meridian shares were
issued to Cancana shareholders (at an exchange ratio of 0.40
Meridian common shares for one common share of Cancana). As a
result, there are a total of 151,087,921 common shares outstanding,
of which 133,109,662, or approximately 88%, are owned by Sentient
Global Resources Fund IV, L.P.
Pursuant to the Arrangement, ownership of the Brasil Manganês
Corporation Mineração S.A. ("BMC") has been consolidated into a
single public entity. The BMC manganese project is located in
Rondônia, northern Brazil.
Meridian is employing a two-pronged strategy at BMC, where the
primary objective is to advance a manganese exploration initiative
in parallel with pilot production of high grade manganese, while
also expanding a multi-commodity regional exploration program.
"Concluding the Arrangement streamlines the ownership of the BMC
project and creates a simpler capital structure for the continuing
public company," said Mr. Anthony
Julien, President and CEO of Meridian. "Going forward, this
better positions us to act on an array of pilot production and
exploration initiatives for manganese, gold and tin in the
prolific, but underexplored, region of Rondônia."
Material transaction documents relating to the Arrangement,
including a technical report entitled "BMC Manganese, Gold, Tin
Project, Rondônia, NW Brazil" are
available at www.sedar.com.
The following are directors of Meridian Mining S.E.:
Barry Bolitho (Chairman),
Anthony Julien, Douglas Willock, Peter
Weidmann, Stefano Haver, and
Angelina Mehta. Mr Bolitho, Mr.
Julien and Mr. Willock were all former directors of Cancana.
Biographies of each Board member are available at
www.meridianmining.co.
On behalf of the Board of Directors of
Meridian Mining S.E.
"Anthony Julien"
Anthony Julien
President, CEO and Director
ABOUT MERIDIAN
Meridian Mining S.E. is focused on the acquisition, exploration,
development and mining activities in Brazil. The Company is currently focused on
exploring and developing the BMC manganese project and is employing
a two-pronged strategy at BMC, where the primary objective is to
advance a manganese exploration initiative in parallel with pilot
production of high grade manganese, while also expanding a
multi-commodity regional exploration program in Brazil.
Further information can be found at www.meridianmining.co and
bmccorporation.com.br.
FORWARD-LOOKING STATEMENTS
Some statements in this
news release contain forward-looking information or forward-looking
statements for the purposes of applicable securities laws. These
statements include, among others, statements with respect to the
Company's plans for exploration and development of BMC's properties
and potential mineralization. These statements address future
events and conditions and, as such, involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the statements. Such risk factors include, among others,
failure to obtain regulatory approvals, failure to complete
anticipated transactions, the timing and success of future
exploration and development activities, exploration and development
risks, title matters, inability to obtain any required third party
consents, operating hazards, metal prices, political and economic
factors, competitive factors, general economic conditions,
relationships with strategic partners, governmental regulation and
supervision, seasonality, technological change, industry practices
and one-time events. In making the forward-looking statements, the
Company has applied several material assumptions including, but not
limited to, the assumptions that: (1) the proposed exploration and
development of mineral projects will proceed as planned; (2) market
fundamentals will result in sustained metals and minerals prices
and (3) any additional financing needed will be available on
reasonable terms. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities
legislation.
The Company cautions that it has not completed any feasibility
studies on any of BMC's mineral properties, and no mineral reserve
estimate has been established. Because the Company production
decision, related to BMC, is not based upon a feasibility study of
mineral reserves, the economic and technical viability of the
property has not been established.
The TSX Venture Exchange has in no way passed upon the merits of
the proposed Arrangement and has neither approved nor disapproved
the contents of this news release. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Meridian Mining S.E.