Haddington completes acquisition of Minvest

29 September 2007 | 04:26 Code : 15434 Geoscience events
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Haddington has completed the acquisition of Minvest International Corporation....

  Haddington has completed the acquisition of Minvest International Corporation, enabling Haddington to become a vertically integrated resources company with a mining services business and a large portfolio of mining tenements.Haddington will issue 45.6 million shares as consideration to Minvest shareholders who have entered into a voluntary escrow in respect of these shares for a period of between two and three years. Minvest’s services business includes drilling, geophysics, project assessment and management and its mineral portfolio includes tenements prospective for coal in Indonesia and for uranium, gold, coal and lignite in Madagascar. Haddington Managing Director, Colin McCavana said the acquisition of Minvest gave the company an incremental expansion of exploration opportunities with the added advantage of a cash producing business. “We are now implementing processes for the integration of the Minvest businesses with Haddington and we expect to see benefits flowing to Haddington in the coming months,” Mr McCavana said. “Minvest has an option to acquire the Tabalong Coal Project (Muara Uya) in Indonesia where drilling ahead of a pre-feasibility study is expected to commence in two to three weeks,” he said. Haddington has an aggressive exploration program in place to follow up on uranium targets at its Liberator Prospect in the Northern territory and has a geophysics and sampling program underway on its KLM Mesa iron project in the Northern Territory.

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