TORONTO (miningweekly.com) – Teal Exploration & Mining has scheduled a special meeting on February 13, for shareholders to consider and approve the transaction announced on December 15 by African Rainbow Minerals (Arm) and Companhia Vale do Rio Doce (Vale).
Arm, which owns 65% of Teal, plans to buy out minority shareholders for C$3,00 a share through a plan of arrangement, and will then sell 50% of the company to Vale for C$81-million.
If the deal is successful, Teal, which has copper and cobalt projects and exploration prospects in the Democratic Republic of Congo and Zambia, as well as gold deposits in Namibia, will be delisted from the JSE and the TSX.
Edited by: Liezel Hill
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