Junior corporate roundup: Cancana-Meridian, Alset, Avino

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Tuesday, November 29, 2016

Vancouver's Cancana Resources and Meridian Mining successfully completed a previously announced plan of arrangement through which Meridian has acquired all the issued and outstanding common shares of Cancana in exchange for shares of Meridian on a 1-to-0.4 basis.

With the deal, Cancana's shares ceased trading on November 28 and Meridian common shares started trading on the TSX-V exchange under the MNO symbol, both companies said separately.

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Cancana is focused on exploring and developing the BMC manganese project in Brazil with its joint venture partner, Ferrometals BV, a subsidiary of Meridian. Meridian intends to expand into other projects to become a multi-project metals group.

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Ontario-based Alset Energy appointed Gennen McDowall as director and chairman, and Allan Barry Laboucan, company president and CEO, as director, a statement said.

Alset Energy has projects in Mexico and Canada.

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Mexico-focused Avino Silver & Gold Mines closed a previously announced bought deal financing for 7.12mn units of the company at a price of US$1.57 for gross proceeds of US$11.2mn, a press release said.

The proceeds will be used to advance the exploration and development of the Avino mine in Mexico, exploration and development of the Bralorne mine in British Columbia, and for general working capital purposes.