Sharechat Logo

RLV, reverse listing vehicle, to acquire Chile iron ore miner

Tuesday 21st October 2008

Text too small?
RLV No. 3, a shell company set up as a low-cost way to list on the New Zealand stock exchange, will acquire the shares of an iron ore miner based in Chile.

The purchase of Minera Varry SA will be funded with US$13.5 million of cash and the issue of shares and options. The Chilean company owns a mining concession for the excavation, processing and export of iron ore and is expected to start production in the third quarter of 2009.

On completion of the transaction, RLV would be listed as Orion Minerals Group, it said in a statement.

For collateral on the deal, RLV plans to seek shareholder approval for a private placement of 200 million shares at an issue price of 12.5 US cents apiece.

Shares of RLV last traded at 1 cent on July 25 on the NZAX market.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.