The transaction was approved by shareholders at the company’s Annual General and Special Meeting held on June 25, 2015.
Minco Gold intends to use net proceeds of $10,019,397, after repayment of indebtedness owing to Minco Silver and certain closing adjustments, to pursue strategic mineral acquisitions, joint ventures or other transactions outside of China.
Minco Gold is a Canadian mining company involved in the direct acquisition and development of high-grade, advanced stage gold properties. The company’s principal asset, excluding cash, is 11 million shares (approximately 18.4%) of Minco Silver.
Minco Silver is a TSX and OTCQX listed company focusing on the acquisition and development of silver and gold mineral projects. The company owns a 90% interest in the Fuwan Silver Deposit, situated along the northeast margin of the highly prospective Fuwan Silver Belt in Guangdong Province, China, and a 51% interest in the Changkeng Gold Project, situated adjacent to the Fuwan Silver Deposit.