M&As this week: Bis Industries, Polymetal International

19 October 2018 (Last Updated October 19th, 2018 17:04)

Bis Industries has acquired UGM for an undisclosed sum in a move to strengthen its existing underground services business.

Bis Industries has acquired UGM for an undisclosed sum in a move to strengthen its existing underground services business.

The transaction comprises the acquisition of all the businesses of UGM, including mining services, conveyor installation, underground plant hire, and diesel services workshops.

Located in the US, Bis Industries is engaged in logistics and materials handling, while Australia-based UGM provides mining services for the underground coal mining sector.

The acquisition will augment Bis Industries’ outsourced maintenance capability and increase equipment hire fleet through the addition of UGM’s production equipment.

Polymetal International has entered an agreement to acquire a 31.7% stake in Amikan for $19.7m.

Polymetal has agreed to issue approximately 2.5 million new ordinary shares to SIBPROJECT and Malakh, the two shareholders of Amikan, in return for the stake.

“The TSX Venture Exchange has provided conditional approval for Canuc Resources Corporation’s proposal to acquire Circle Energy.”

Amikan holds the license to the Veduga gold deposit located in Russia. The deal will increase Polymetal’s interest in the deposit to 74.3%.

Russia-based Polymetal International is engaged in gold and silver production with assets in Russia, Kazakhstan, and Armenia, while the target company, also based in Russia, holds the licence for Veduga gold deposit.

The TSX Venture Exchange has provided conditional approval for Canuc Resources Corporation’s proposal to acquire Circle Energy.

Canuc Resources will combine its wholly owned subsidiary with Circle Energy and issue more than 11.8 million common shares to its shareholders.

To be headquartered in Ontario, Canada, the newly merged company will operate as Full Circle Energy.

Canuc Resources is a junior resources company focused on the acquisition and development of quality resource assets. Circle Energy holds assets consisting of undeveloped prospective oil acreage in south-west Saskatchewan and a farm-in agreement to acquire additional land. Both companies are based in Canada.