ASX-listed Metminco has signed a binding bid implementation agreement with Colombia-focused Andes Resources to enact a merger agreement reached in March this year.
Under the terms of the off-market agreement Metminco would issue 25 of its own shares for every Andes share held, with the merger to be conditional on a number of conditions, including a minimum 90% acceptance and the completion of a total of A$4-million capital raise.