Mercator Minerals Ltd. (ML.TO) went down by more than 8% to $3.38 after announcing that it has agreed to acquire Creston Moly Corp. (CMS.V) in a friendly deal that values Creston at about $195 million, which will will create a “significant” copper and molybdenum miner with operations in the United States and Mexico.
Mercator president and CEO Michael Surratt said “We see this as a significant first step towards creating a strong intermediate base metals company with an attractive growth profile.”
Crest Moly shares hit a new year high 60 cents earlier after the news.
Read more: http://community.nasdaq.com/News/2011-04/mercator-minerals-drops-more-than-8-on-195-million-acquisition-of-creston-moly.aspx?storyid=70660#ixzz1JSdAXchy
