NMC Resource Corporation has successfully completed its going-private transaction, pursuant to which Dong Won Corporation, a significant shareholder of the company, acquired all outstanding securities of NMC that the purchaser and KTB 2007 Private Equity Fund did not previously own. The plan of arrangement was completed following approval of the Supreme Court of British Columbia and the satisfaction of various conditions precedent to the arrangement.
Payment of cash consideration of Can$0.20 per share for the common shares acquired pursuant to the arrangement will be made by the depositary, Computershare Investor Services. Pursuant to the arrangement, all of the outstanding options of the company were surrendered and cancelled. NMC will also apply to cease to be a reporting issuer under applicable Canadian securities laws.
NMC Resource Corporation is a mining company with two molybdenum assets: NMC Moland in South Korea and Boss Mountain Mine in British Columbia, Canada. NMC Moland started commercial production in April 2010 and has been in production with improved production profile every year. Boss Mountain is a past molybdenum producer. The company has an option agreement on Boss Mountain with Glencore Canada Corporation to earn 100% interest by spending Can$3 million among other requirements.