Australian miner IMX Resources Limited has announced that it has successfully completed the acquisition of Canada-based mineral exploration company Continental Nickel (CNI). The transaction to acquire all the remaining shares in CNI not already owned by IMX was approved at a meeting of CNI shareholders held on September 12.
Accordingly, the ownership of the Nachingwea joint venture in southern Tanzania will be consolidated under one company. IMX managing director Neil Meadows said that the company now aims to advance the Ntaka Hill nickel project, which is a part of Nachingwea, towards production.
Under the terms of the acquisition, each CNI shareholder receives 3.7 IMX ordinary shares. IMX will now become a dual-listed company, with listings and official quotation on both the Australian and Toronto Stock Exchanges.