Continental Minerals Corp. (KMKCF) To Be Acquired By Chinese Mineral Company
Continental Minerals Corp. reported that the company has entered into a letter of intent to be acquired by a large Chinese mineral company for consideration of $432 million CAD. Continental Minerals Corporation signed the letter of intent with Jinchuan Group Ltd, which will pay $2.60 CAD per share for the 166 million outstanding shares of Continental Minerals Corporation. This was a 13% premium to where the stock was trading prior to the announcement. The letter of intent contains a provision calling for a mutual breakup fee of $13.4 million if either Continental Minerals Corporation or Jinchuan Group Ltd is unable…