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Dia Bras Exploration Inc. (TSX-V:DIB) announced that it has entered into a binding agreement dated March 3, 2011 to acquire approximately 92% of the voting shares (representing approximately 82% of the total equity) of Sociedad Minera Corona S.A. from a group of shareholders in an arm’s length transaction.
The aggregate purchase price for the Acquisition will be US$285.46 million based on a total equity value for Corona of US$350 million. The Selling Shareholders will be entitled to elect to use up to 20% of the proceeds from the Acquisition to purchase common shares of Dia Bras (“Dia Bras Shares”) at an issue price of Cdn.$2.86 per share. Sociedad Minera Corona S.A. Established in 1993, Corona is a Peruvian company engaged in the exploration, extraction, production and commercialization of mineral concentrate, principally silver, copper, lead and zinc at its Yauricocha mine in Yauyos Province, Peru. Corona is also engaged in the production and commercialization of electric power at its Huanchor Hydroelectric Plant, located in Huarochirí Province. Corona’s shares trade on the Bolsa de Valores de Lima (the Lima Stock Exchange). The voting shares trade under the symbol “MINCORC1” and the investment shares trade under the symbol “MINCORCI1”. According to public records and information provided by the Selling Shareholders, there are currently 31,890,365 voting shares and 4,087,673 investment shares outstanding. The most recent closing price of the voting shares was US$12.62 and of the investment shares was US$12.08 for an aggregate market capitalization of US$451.8 million. |
