April 24 (Reuters) - Nevsun Resources Ltd NSU.TO :
* Nevsun Resources and Reservoir Minerals combine and
consolidate Timok copper project ownership
* Says deal for a total value of approximately $365 million
* Upon completion of deal, current Nevsun shareholders to
own about 67 pct of combined co, current Reservoir shareholders
to own remaining 33 pct
* Transaction will allow both Reservoir and Nevsun
shareholders to participate in ongoing cash flow generation of
bisha mine
* Co to buy all common shares, restricted share units of
Reservoir on basis of 2 common shares and $0.001 in cash for
each Reservoir common share
* Says has subscribed for 12.2 million common shares of
Reservoir at a price of C$ 9.40 per share, for a total
subscription price of C$ 114.4 million
* Says arrangement has been unanimously approved by boards
of directors of both Reservoir and Nevsun
* Directors,Management of both cos have agreed to commit to
vote their respective common shares, in favour of arrangement
Source text for Eikon:
Further company coverage: NSU.TO
(Bengaluru Newsroom)