TurkPower and ZBM plan merger
A merger between mining firms TurkPower and ZBM is set to go ahead later this month.
Merger and acquisition advisers may be required in the near future by mining firm TurkPower, which has signalled its intention to join up with Zinco do Brasil Mineracao (ZBM).
It has signed a Letter of Intent (LOI) with ZBM's majority owner Ouro do Brasil (ODB) to complete the deal, with a final and binding merger agreement set to be confirmed by July 27th and with the process completed within four weeks from this date.
This will result in TurkPower acquiring 100 per cent of ZBM's shares and becoming the surviving entity in the 50/50 merger, with the company expecting to announce a name change after the deal is completed.
Ryan Hart, chairman of TurkPower, said the deal is a "great step" for his firm, following a "challenging" nine-moth period that has seen several setbacks.
The LOI confirmed the new board of directors at TurkPower will consist of seven members, five of whom will be appointed by ODB.
Mr Hart said: "The management and directors taking over TurkPower have a combined 200 years of mining and business experience and have proven their expertise and talent in various successful private and public mining ventures."
Posted by Ron Maverick
Source: TurkPower press release, July 18th