International Millennium Mining Corp. said Jan. 10 that it has terminated its merger and reverse takeover agreement with Phoenix Capital Enterprises Ltd.

Pursuing the agreement would have resulted in International Millennium Mining acquiring all of the issued and outstanding shares of Tengri Coal and Energy Pte. Ltd., in exchange for newly issued common shares of International Millennium Mining.

International Millennium Mining will file a request to resume trading of its shares on the TSX Venture Exchange, after it was halted in accordance with the policies of the bourse, pending completion of the transaction.