BRIEF-Cancana Resources announces proposed combination with Ferrometals

Thu Jul 21, 2016 9:19am EDT
 
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July 21 (Reuters) - Cancana Resources Corp

* Cancana announces letter of intent for proposed restructuring and business combination with Ferrometals

* Cancana announces letter of intent for proposed restructuring and business combination with ferrometals

* Says transaction is intended to unitize and streamline ownership structure of bmc

* Says targeting completion of proposed transaction during october, 2016

* Board has formed special committee comprising independent board members to review and provide recommendations to board on proposed transaction

* Says ferrometals owns approximately 78.6% and cancana owns remaining 21.4% of bmc

* Says ferrometals would seek to assume cancana's listing on tsx-v exchange

* Cancana resources corp says proposed transaction will be implemented by way of a plan of arrangement under british columbia business corporations act

* Says parties' sole project is brazil manganese corporation

* Says Ferrometals will acquire all of securities of Cancana in exchange for securities of Ferrometals Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)