Starcore to acquire Creston Moly from Mercator Minerals' bankruptcy trustee

1 minute read
01 January 2015

On January 23, 2015, Starcore International Mines Ltd. (TSX: SAM) announced that it had entered into an agreement to acquire all of the shares of Creston Moly Corp. from Deloitte Restructuring Inc., in its capacity as trustee in bankruptcy of Mercator Minerals Ltd., at a purchase price of $2 million.

The transaction is subject to Creston being discharged from bankruptcy, clearing the way for Starcore to complete the transaction and to continue with the development and further exploration of Creston's properties, free and clear from Creston's liabilities as at the date of bankruptcy. Creston Moly is a British Columbia company that owns, through its subsidiaries, a 100% interest in three molybdenum-copper projects in Mexico, British Columbia and Newfoundland.

We are counsel to Deloitte Restructuring with a team that includes Colin Brousson, Jonathan Ross, Catherine Graham and Yong-Jae Kim.

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