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Camrova Resources to acquire Chilean firm in C$2M deal

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Camrova Resources to acquire Chilean firm in C$2M deal

Camrova Resources Inc. said March 18 that it intends to acquire Chilean firm Asesoria y Inversiones MAYG SpA for C$2 million in shares.

Asesoria owns a slag trading contract with Anglo American PLC's Anglo American Sur SA unit that grants Asesoria the right to recover material from Anglo's Chagras smelter and process it to produce copper concentrates.

In connection with the deal, Camrova said it will seek shareholder approval for a 4-to-1 share consolidation. The company intends to issue 7,692,308 as consideration for acquiring Asesoria. Camrova currently has 21,795,093 shares.

Camrova also aims to raise up to C$9 million through an equity private placement priced at 26 cents per share.

Upon the deal's close, Camrova shareholders would hold 11.17% of the company's shares, while Asesoria shareholders would own 15.76%.

Subscribers of the private placement would hold 70.94%, while subscribers of a previously announced C$250,000 bridge financing would own 2.13%.

The proposed acquisition, however, is subject to further due diligence, as Camrova said it could acquire the contract via direct assignment instead of buying Asesoria.