Capstone Mining Corp. announced the successful completion of the previously announced transaction combining Old Capstone and Mantos Copper Ltd., following the receipt of all regulatory approvals and the satisfaction of all closing conditions. Concurrent with the closing of the transaction, Mantos has been renamed Capstone Copper Corp., is headquartered in Vancouver, British Columbia, and represents an Americas-focused premier copper producer with transformational and peer-leading production growth.
Pursuant to a plan of arrangement under the Business Corporations Act (British Columbia), each issued and outstanding common share of Old Capstone has been exchanged for one newly issued common share of Capstone Copper, which together represents 60.2% of the issued and outstanding common shares of Capstone Copper. As a result of the arrangement, Old Capstone has become a wholly-owned subsidiary of Capstone Copper. As at closing, the former shareholders of Mantos will maintain their shareholding in Capstone Copper, representing the remaining 39.8% of the outstanding common shares.
Capstone Copper’s newly constituted board of directors consists of George Brack (lead independent director), Darren Pylot (executive chair), John MacKenzie (CEO and director), Alison Baker, Bob Gallagher, Anne Giardini, Peter Meredith, and Istvan Zollei.
As previously announced, the combined company will be led by Darren Pylot, as executive chair of the board and John MacKenzie, as CEO.
“I am incredibly excited by the opportunity to lead Capstone Copper and help deliver on a truly transformational growth story,” MacKenzie said. “This company has the makings of becoming a Canadian-based copper champion driven by our long-life assets, our experienced management team, and our strong balance sheet. Our shared principles in expansion, innovation, optimization and safe copper production will remain central to our strategy and set the stage for a successful integration process.”