VANCOUVER – Shareholders of Minera Azul Ventures, a private Chilean partnership with rights to a gold and copper property, will gain control of publicly traded Himalayan Capital Corp. (TSXV:HIM.P) through a reverse-takeover announced Friday
Azul’s shareholders will end up owning 92 per cent of Himalayan, a capital pool company listed on the TSX Venture Exchange.
Himalayan’s current directors will resign and be replaced by Minera Azul’s nominees, including David O’Connor who will also be president and chief executive of Himalayan after the combination.
Under the proposed transaction, which is subject to various conditions, Himalayan will acquire Minera Azul by issuing 10 million shares at a deemed value of 25 cents each, for a total deemed value of $ 2.5 million.
Since there are currently only 2.35 million Himalayan shares, the company’s shareholders will end up with only eight per cent of the outstanding shares after the transaction.
Minera Azul is a mineral exploration company with the rights to acquire a prospective copper-gold property in La Higuera, Chile, about 600 kilometres north of the capital Santiago.
Local news from metronews.ca/vancouver
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