Login/Register

Connemara Mining upbeat on joint venture ownership shake-up

Company News

Connemara Mining upbeat on joint venture ownership shake-up

Wed, 13 September 2017
Article viewed 23 times
http://stmedia.digitallook.com/web/img/dl/calculatrice-et-trombones-comptes-entrepreneurs-entreprises-argent-finances-tpe-pme-entreprenariat-finances-banques-startup-business-plan-argent.jpg
bool(false)

(ShareCast News) - Connemara Mining Company said on Wednesday that it has been informed that Group Eleven Resources, a private company, has acquired the 76.56% interest held by Teck Ireland in TILZ Minerals, the joint venture company which holds six prospecting licences covering the Stonepark zinc project in Limerick, Ireland.
The AIM-traded Connemara owns the remaining 23.44%.

It said G11 is a private Canadian company with "extensive" base metal licence holdings in Ireland.

MAG Silver and Teck Resources - both listed Canadian companies - hold 22.0% and 6.3% respectively of the equity on a fully diluted basis.

G11 had previously announced that they are preparing to list publicly in Canada later in 2017.

"This is very good news for shareholders," said Connemara chairman John Teeling.

"Stonepark is an advanced asset which we believe has great potential, a view shared by our new partner G11."

Rather than accept a cash and royalty offer from G11, Teeling said the board had decided that the best interest of shareholders lay in keeping the 23.44% interest in Stonepark.

"The consideration which Connemara would have received assuming all buybacks represents approximately 75% of the current market capitalisation of the company.

"We look forward to a resumption of active exploration on the block."

NASDAQ 100 Top Risers

Name Last Chg.% Time
O'Reilly Automotive Inc. 209.59 3.62 22:35
Liberty Interactive Corporation QVC Group 23.76 2.72 22:34
Paychex Inc. 59.75 2.68 22:35
Seagate Technology Plc 33.57 2.60 22:49
Lam Research Corp. 176.73 2.58 22:53

NASDAQ 100 Top Fallers

Name Last Chg.% Time
Tesla Inc 351.09 -4.20 23:10
Incyte Corp. 110.85 -3.65 23:04
Mattel Inc. 14.52 -3.20 23:01
NetEase Inc. Ads 271.61 -2.16 22:34
Kraft Heinz Co. 77.52 -1.89 22:35