A plan of arrangement between Eurotin Inc. and Elementos Ltd. became effective Jan. 3, under which Eurotin will transfer subsidiary Minas De Estano De Espana SLU and its Oropesa tin property in Spain to Elementos.
The companies entered into a binding heads of agreement in July 2018, subject to various conditions.
Eurotin said Jan. 4 that consideration comprised 1 billion convertible redeemable preference shares of Elementos. Eurotin shareholders received approximately 9.4 convertible Elementos shares for each common Eurotin share held.
The preference shares will automatically convert into ordinary Elementos shares when the subsidiary's transfer to Elementos is complete, anticipated within two to three months subject to additional closing conditions.
A resource estimate completed in late 2015 for Oropesa outlined 8.14 million tonnes grading 0.60% tin in the indicated category and inferred resources of 2.99 million tonnes grading 0.55% tin.