Canada-based Reliance Resources to acquire American Iron

Monday, 07 April 2014 17:51:37 (GMT+3)   |   Istanbul
       

Toronto-based Reliance Resources Limited has announced that it has entered into an agreement to acquire Minnesota-based company American Iron Corp., an iron ore-focused exploration and development company, seeking to acquire projects having potential for low pre-development capital expenditure and significant exploration potential in the United States.
 
American Iron has agreed to cause its shareholders to sell all of their shares of American Iron to Reliance. In return, Reliance has agreed to acquire the American Iron Shares by issuing a total of 10 million Reliance common shares.
 
The transaction is expected to be closed on April 30. Immediately upon closing of the transaction, American Iron shareholders will hold 6 million Reliance shares representing approximately 19.7 percent of the issued Reliance shares. Additionally, American Iron shareholders may increase their shareholdings in Reliance to up to approximately 29 percent of the total issued and outstanding Reliance shares.

Similar articles

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials

India’s SEML subsidiary secures mining rights to iron ore block

26 Mar | Steel News

Major steel and raw material futures prices in China - March 26, 2024

26 Mar | Longs and Billet