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International Millennium Mining to acquire Tengri in reverse takeover

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

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International Millennium Mining to acquire Tengri in reverse takeover

International Millennium Mining Corp. said Aug. 31 that it has entered into an agreement with Phoenix Capital Enterprises Ltd. to acquire all outstanding shares in Tengri Coal and Energy Pte. Ltd., through a reverse takeover.

Each Phoenix shareholder will receive one International Millennium Mining share, after a 1-for-20 share consolidation and valued at US$1.48 each, for each Tengri share held, resulting in a deemed value for the transaction of US$293.2 million. International Millennium Mining shareholders will hold a 5.0% stake in the resulting issuer, while Tengri shareholders will own 95.0%.

Upon completion, International Millennium Mining's current directors will resign and Phoenix will have the right to to elect four of the five members to the board of directors. International Millennium Mining President and CEO John Versfelt will remain in his post.