https://www.engineeringnews.co.za

Teck sells 70% interest in Namibia copper project

16th February 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

Font size: - +

VANCOUVER (miningweekly.com) – Canadian diversified miner Teck Resources has agreed to sell its 70% interest in Haib Minerals to TSX-V-listed Deep-South Resources, who holds the remaining 30% interest in Haib.

Haib holds a 100% interest in the Haib copper project, in Namibia.

Teck will receive 13.6-million Deep-South shares at closing, which together with the 4.16-million shares currently held by Teck, will result in Teck holding about 35% of Deep-South's outstanding shares on an undiluted basis.

Should Teck’s 17.76-million common shares represent less than 35% of the issued and outstanding common shares immediately following closing, Deep-South will issue more shares to Teck to maintain Teck's immediate post-closing ownership at 35%.

Teck also holds a $373 195 convertible debenture and, should it convert the entire principal amount, it would hold about 38% of Deep-South's outstanding common shares immediately following closing of the transaction, calculated on a partially diluted basis assuming the conversion of the debenture only, the company said on Wednesday.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.066 0.113s - 156pq - 2rq
Subscribe Now