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RLV wins approval to acquire Chile iron ore miner

RLV wins shareholder to acquire Chile iron ore miner

Dec. 10 – RLV No. 3 Ltd., a shell company set up as a low-cost way to list on the New Zealand stock exchange, won approval from shareholders to acquire the shares of an iron ore miner based in Chile.

The purchase of Minera Varry S.A will be funded with US$13.5 million of cash and the issue of shares and options. The Chilean company owns a mining concession for the excavation, processing and export of iron ore and is expected to start production in the third quarter of 2009.

On completion of the transaction, RLV would be listed as Orion Minerals Group Ltd. For collateral on the deal, RLV plans to make a private placement of 200 million shares at an issue price of 12.5 U.S. cents apiece.

Shares of RLV trade infrequently and were at 18 cents on Dec. 3, having soared from 1 cent in July, before the Chile proposal was announced.

(Businesswire)

ENDS

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