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by Stockwatch Business Reporter
The TSX Venture Exchange closed up a fraction to 742.44 Thursday. Ken Ralfs's halted NEX shell, Angel Bioventures Inc. (DDD), has released the terms of its acquisition of Huayra Minerals Corp., a resource junior with properties in Argentina. The shell will split its shares 5 for 1, leaving it with 5,944,220 postsplit shares issued, then issue 40,388,565 postsplit shares to Huayra's shareholders. The resulting issuer will be called AbraPlata Resource Corp.
Huayra has two gold-silver projects (Diablillos and M-18) and two copper-molybdenum projects (Cerro Amarillo and Samenta). Diablillos and M-18 are very recent acquisitions from Peter Tomsett's Silver Standard Resources Inc. (SSO: $13.32). The deal closed two weeks ago. Huayra paid Silver Standard $300,000 (U.S.), financed through debt. It also issued shares, and now Silver Standard owns 19.9 per cent of Huayra's shares. To keep Diablillos and M-18 in good standing, AbraPlata Resource must pay Silver Standard $1.5-million (U.S.) by 2018, then another $12.5-million (U.S.) by 2021.
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