THE friendly union of Metals Exploration and Bluestone Tin has been consummated, with the new nickel-tin player set to be renamed Metals X in the "imminent future".
Renison tin operation
Almost eight months to the day since the merger was announced, Bluestone said it had wrapped up ownership of all Metals Exploration's shares.
Bluestone offered five of its shares for every one in Metals Exploration, an offer that was sweetened from four-for-one early in the piece after commodity price volatility and commissioning issues at Bluestone's Collingwood tin mine in Queensland.
As part of the deal, Metals Exploration directors Mike Jefferies and Don Head will join the Bluestone board as non-executive directors.
The new enlarged group will enjoy cash flow not only from Collingwood, but also from the nickel royalties previously held by Metals Exploration. The company will also now hold the large Wingellina nickel oxide resource in central Australia.
Both Bluestone and Metals Exploration shared common management and common major shareholders.
Shares in Bluestone and Metals Exploration were unmoved in morning trade today, and were sitting at 28.5c and $1.17, respectively.
Cheers markco2
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