Business
African Aura announces proposed business combination with Mano River
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES/ TSX-V: AAZ
About this update from Azincourt Energy Corp
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US\nNEWS WIRE SERVICES/\n\nTSX-V: AAZ\n\n\nTORONTO, April 15 /CNW/ - African Aura Resources Ltd. ("African Aura"\nTSX-V: AAZ) is pleased to announce that it has entered into a legally binding\nLetter of Intent ("LOI") with Mano River Resources Inc. ("Mano River" TSX-V:\nMNO & AIM: MANA) to conclude an agreement to merge, in order to create a\nleading sub-Saharan Africa focused explorer and producer with substantial iron\nand gold assets.\n\n\nHighlights\n\n- All share transaction whereby African Aura shareholders will receive\n 1.57 Mano River shares for each African Aura share, representing a\n premium of 18.7% to African Aura's 60 day volume weighted average\n share price at market close on 14 April 2009, based on Mano's AIM\n price and an exchange rate of C$1.80 to (pnds stlg)1. This represents\n a value of approximately C$0.099 per African Aura share.\n\n- Merged entity to be renamed African Aura Mining Inc. which will be\n initially owned 25% by African Aura shareholders and 75% by Mano\n River shareholders.\n\n- The flagship assets of the combined group will include:\n\n - a 100% interest in the 1.4Moz new Liberty gold deposit in Liberia\n (NI 43-101 compliant 13.53Mt of measured and indicated resources\n grading 3.18g/t Au).\n\n - a 38.5% interested in the 13km long Putu iron project in Liberia\n being advanced by joint venture partner Severstal Resources (LSE:\n SVST; RTS: CHMF).\n\n - a 100% interest in the 12km long Nkout iron project in southern\n Cameroon.\n\n - three other gold projects at the resource drilling stage and a\n significant portfolio of additional highly prospective Archaean\n and Birimian gold prospects in Liberia and Cameroon.\n\n - four uranium exploration licences in Cameroon which leverages the\n company to the uranium market.\n\n - a 60% interest in Stellar Diamonds Limited which is undertaking\n hard rock kimberlite and alluvial mining activities in Sierra\n Leone and Guinea.\n\n- Subject to regulatory approval following the merger, the combined\n company will continue to trade on the Toronto Venture Exchange ("TSX-\n V") and the AIM market operated by the London Stock Exchange ("AIM").\n\n- Upon completion the combined company will be a financially robust\n entity with...