Vancouver-based Zincore Metals Inc. agreed to a reserve takeover by Latin America-focused miner Mines & Metals Trading (Peru) PLC, or MMTP.

Following the deal, the company will continue the reactivation of its Accha zinc oxide district project, and exploration and development of MMTP's Recuperada zinc-lead-silver project in Peru.

MMTP is required to complete a financing of at least C$7.50 million as part of the deal, according to the Dec. 24 release.

The merged company, expected to be renamed Latitude Base Metals Inc., will be led by José María García as CEO, Konstantin Lichtenwald as CFO and Chris Wilson as vice president of exploration.

The company will have six directors: Jorge Benavides, Jose María García, John Gray, Sebastian Wahl, Carlos Espinosa and Michael Hoffman.

The transaction is expected to close in March 2020.