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Queenston Mining and Vault Minerals agree to merge

Queenston Mining Inc. (TSX: QMI) and Vault Minerals Inc. (TSX-V: VMI) have entered into an agreement to amalgamate the two companies in an all-stock deal unanimously approved by both companies' boards of directors.
Northern Ontario Business Staff

Queenston Mining Inc. (TSX: QMI) and Vault Minerals Inc. (TSX-V: VMI) have entered into an agreement to amalgamate the two companies in an all-stock deal unanimously approved by both companies' boards of directors.

The deal will make Queenston the largest property holder in the Kirkland Lake camp, with 27 properties containing 19,000 hectares and covering 190 square kilometres along major trends in the area.

Under the terms of the deal, Vault shareholders will receive one common share of Queenston in exchange for every 10 common shares of Vault. 

Also, all convertible securities of Vault will be exercisable for the same terms for common shares of Queenston.  With 40 million common shares of Vault outstanding, this means Queenston will issue four million common shares.

The deal is subject to regulatory and Vault shareholder approval. Vault will hold a special meeting of its shareholders on or before April 30 to consider the deal.