Century Bull joins stable

NEW Century Resources and Century Bull will restructure their relationship and ownership of the former third largest zinc mine in the world, bringing control of the assets under a single umbrella.

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The deal, which requires shareholder approval, would see New Century managing director Patrick Walta and chairman Evan Cranston, businessman John Carr and their partners in Century Bull control around one-third of New Century.

Carr, Cranston and Walta each control 25% of Century Bull.

The move to 100% ownership by Century Zinc will see the issue of 126 million shares escrowed for 12 months and 35 million A42c options in return for the transfer of the 30% stake that New Century does not control.

The options, if triggered in the next three years, would see a $47.5 million cash injection into the company. 

The deal will end July’s earn-in agreement between the two, including the requirement for New Century to commit $10 million to earn its 70% stake. 

New C...