Blackstone Minerals (ASX:BSX) will enter a merger-of-equals with IDM International, acquiring 100% of IDM in an all-scrip transaction to acquire the Mankayan copper-gold project in the Philippines, according to a Thursday Australian bourse filing.
Under the scheme of arrangement, IDM shareholders will receive 7.4 Blackstone shares for every IDM share, the filing said.
This will result in a post-deal shareholder composition of Blackstone shareholders holding 47% of the merged entity and IDM shareholders holding 53%.
The IDM board unanimously recommended the merger scheme, according to the filing.
The deal is subject to the Blackstone shareholders approving the issuance of the consideration shares as well as court approval, among other conditions, per the filing.
The two firms entered into an unsecured loan agreement, under which Blackstone will provide IDM with a working capital facility of up to AU$1 million to assist with costs incurred in connection with the proposed merger and working capital during the deal implementation.
The firm's shares rose 10% on market close on Thursday.
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