IRISH Marine Oil (IMO) has announced the acquisition of Minco Ireland and Irish Base Metals for 14 million new shares, or £2.1 million.
It is effectively a reverse takeover as the two companies, owned by Juno, a public Bermuda investment company, will end up with 43.7 per cent of the enlarged group, by far the largest shareholding. Juno has agreed to hold the shares for a minimum of 12 months. The next largest will be Kenmare with 5 per cent.
Juno is a subsidiary of the Toronto listed Dundee Bancorp which will now use IMO as the vehicle to explore for minerals with a focus on gold and zinc in Ireland. IMO has also announced the placing of new shares at 12p per share to raise £360,000.
Minco Ireland, a former subsidiary of Cominco, and Irish Base Metals, a former subsidiary of Northgate Exploration, hold interests in 48 prospecting licences over prospective areas in Ireland. The package which covers both gold and zinc/lead projects was assembled over a number of years by Mr Terence McKillen and Mr Peter Tyler, two Toronto based geologists.
Three new directors are to join the IMO board. They are Mr Terence
McKillen who will be managing director, Mr John Kearney, a director of African Gold and Anglesey Mining, and Mr Peter McParland, chairman of Quarry & Mining Equipment. Commenting on the reverse takeover, Dr John Teeling, chairman of IMO said "in one step this catapults IMO into the forefront of Irish mineral exploration.
