Brief: Cancana Resources announces proposed combination with Ferrometals
21/07/2016 14:00
July 21 (Reuters) - Cancana Resources Corp CNY.V
* Cancana announces letter of intent for proposed
restructuring and business combination with Ferrometals
* Cancana announces letter of intent for proposed
restructuring and business combination with ferrometals
* Says transaction is intended to unitize and streamline
ownership structure of bmc
* Says targeting completion of proposed transaction during
october, 2016
* Board has formed special committee comprising independent
board members to review and provide recommendations to board on
proposed transaction
* Says ferrometals owns approximately 78.6% and cancana owns
remaining 21.4% of bmc
* Says ferrometals would seek to assume cancana's listing on
tsx-v exchange
* Cancana resources corp says proposed transaction will be
implemented by way of a plan of arrangement under british
columbia business corporations act
* Says parties' sole project is brazil manganese corporation
* Says Ferrometals will acquire all of securities of Cancana
in exchange for securities of Ferrometals
Source text for Eikon: ID:nCCN5YyHcC
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