An amalgamation of three junior-mining firms — McAdam Resources (TSE), Tashota-Nipigon Mines (VSE) and Quinteko Resources (ASE) — is in the works.
Exchange ratios for the amalgamation, for which shareholder and regulatory approval will be required, have yet to be determined. McAdam and Tashota are members of the Muscocho group of companies.
The amalgamation will consolidate interests in the McWatters gold project located near Rouyn- Noranda, Que., and the Spud Valley gold project located on the west coast of Vancouver Island, B.C. The companies are also involved in other exploration projects.
At McWatters, McAdam has a 50% interest, and Tashota and Quinteko a 25% interest each. At Spud Valley, McAdam has a 75% interest, and Tashota the remaining 25%.
In other news, McAdam reports it has arranged a convertible loan worth $1.43 million from Muscocho Explorations (TSE), the loan subject to all necessary approval. Also, McAdam has entered into two flow- through financing agreements with CMP 1988 Resource Partnership and Co., Ltd., subject to regulatory approval.
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