Chihong Canada Mining acquires remaining 50% interest of Selwyn project for C$50 million
June 03, 2013
50.00 Million CAD
On June 3, 2013, Selwyn Resources Ltd. announced that it completed the sale of the Company's remaining interest in the Selwyn Project to Chihong Canada Mining Ltd. In connection with the closing of the Transaction, the Company received C$40 million in cash from Chihong Canada, being the balance of the $50 million purchase price.
Chihong Canada Mining, headquartered in Vancouver, British Columbia, is a Canadian subsidiary of Yunnan Chihong Zinc&Germanium Co., in China, a mining and mineral processing company.The Selwyn Project, located in eastern Yukon and straddles the border with the Northwest Territories, is one of the largest undeveloped zinc-lead deposit in the world.Selwyn Resources is a publicly traded, Canadian base metals exploration and development company.
McCarthy Tétrault LLP represented Chihong Canada Mining, the acquiror, with a team led by Joyce Lee.