Vancouver, British Columbia-based Ridgemont Iron Ore Corp. and Canadian mineral exploration company Castillian Resources Corp. announced that they have entered into a Letter of Intent pursuant to which Castillian will acquire all of the outstanding shares of Ridgemont and Ridgemont will become a wholly owned subsidiary of Castillian.
Under the terms of the Letter of Intent, upon completion of the transaction, existing Castillian and Ridgemont shareholders will own approximately 57.8 percent and 42.2 percent of the combined company, respectively.
Ridgemont is a Canadian exploration company looking to acquire, explore and develop iron ore mineral properties. Ridgemont has a 100 percent interest in the Lac Virot Iron Project located in the southern Labrador Trough and holds a 100 percent interest in the Maguse River Iron Project located in Nunavut.