AIM-listed exploration company Minco is to acquire Orca Gold, which has gold and silver projects in Mexico, in a deal worth just over £1.5m sterling.
The price is to be paid in 35 million Minco shares, which wil eventually leave Orca shareholders with a 46% stake in Minco. The three founders of Orca will also join the Minco board.
Orca's assets are in the state of Zacatecas, which currently produces 17% of the world's silver.
Mico's directors are to support the deal by exercising options over shares for £66,000 in cash, while a private placement at 5p a share has raised £123,000.
