Business
Centenera Closes Acquisition of Cardero Argentina and Closes Concurrent Equity Financing
VANCOUVER, BC / ACCESSWIRE / June 22, 2015 / Centenera Mining Corporation, formerly Artha Re...
About this update from Latin Metals Inc
[{"type":"text","content":"Centenera Closes Acquisition of Cardero Argentina and Closes Concurrent Equity FinancingVANCOUVER, BC / ACCESSWIRE / June 22, 2015 / Centenera Mining Corporation, formerly Artha Resources Corporation (TSX Venture: CT) (\"Centenera\" or the \"Company\") - announces the closing of the previously announced acquisition of Cardero Argentina, S.A. and the resulting reverse takeover of the Company (the \"Transaction\") by Cardero Resource Corp. (\"Cardero\"), which was approved by shareholders on May 25, 2015. The Company also announces the closing and completion of a non-brokered private placement in the aggregate amount of $1 million (being $950,000 in concurrent financing and the previously closed $50,000 bridge financing), the name change to \"Centenera Mining Corporation\", the resumption of trading under the symbol \"CT\", and the appointment of new management.What does the Transaction mean for Centenera Shareholders? During the early part of 2015, prior to closing of the Transaction, the common shares of the Company were consolidated on the basis of 10 old shares for 1 new share and the Company's debts of approximately $800,000 were settled for shares and cash. In connection with this restructuring, the Company agreed to purchase Cardero Argentina, S.A. from Cardero for consideration consisting of US$50,000. The Company also issued 23,743,781 shares to Cardero in consideration for services provided by Cardero to Centenera in connection with the Transaction, (including negotiation and settlement of the Transaction terms), the effect of which was a reverse takeover of the Company by Cardero.Administrative changes to the Company The Company has changed its name from \"Artha Resources Corporation\" to \"Centenera Mining Corporation\". The Company continues to be listed on the TSX Venture Exchange, but its trading symbol has been changed from \"AHC\" to \"CT\". The Company's head office is now located at the offices of Cardero with a new management team in place and a board composed of Cardero nominees and former directors.What does the Transaction mean for Cardero Shareholders? With Cardero's focus on bulk commodities over the past seven years, its mineral assets in Argentina were not an area of focus and effectively provided no value to shareholders. With the completion of the Transaction, the Argentinean assets have transferred to...