Champion Iron, Mamba Minerals Complete Plan of Arrangement

Champion Iron Mines Ltd. (TSX:CHM) and Mamba Minerals Ltd. (ASX:MAB) announced the completion of an arrangement under which Mamba and subsidiary Champion Exchange will acquire all of Champion Iron Mines’ outstanding common shares.

The new company will be known simply as Champion Iron.

As quoted in the press release:

As of today’s date, New Champion’s ordinary shares are trading on the Toronto Stock Exchange (‘TSX’) and the Australian Securities Exchange under the symbol ‘CIA’, thus providing New Champion with access to both the Canadian and Australian capital markets and the shareholders of New Champion with the ability to trade their ordinary shares on either stock exchange. Champion’s common shares will be de-listed from the TSX.

Under the Arrangement, each Champion shareholder is entitled to receive 0.7333333 ordinary shares of New Champion for each Champion common share held (the ‘Exchange Ratio’). Certain eligible Champion shareholders elected to receive all or part of their consideration in the form of exchangeable shares of Champion Exchange Limited. The Arrangement also resulted in the issuance of New Champion replacement stock options to holders of outstanding Champion options (as adjusted by the Exchange Ratio).

Click here to read the full Champion Iron Mines Ltd. (TSX:CHM) and Mamba Minerals Ltd. (ASX:MAB) press release.