Vancouver, C.C., Tuesday, April 12, 2011 - Mercator Minerals Ltd. (TSX: ML) ("Mercator") and Creston Moly Corp. (TSXV: CMS) ("Creston") are pleased to announce that they have entered into a definitive arrangedment agreement pursuant to which Mercator will acquire all the outstanding common shares of Creson by way of a plan of arrangement.
Under the plan of arrangement, shareholders of Creston will receive 0.15 of a common share of Mercator and $0.08 in cash, in respect for each common share of Creston. This represents an implied premium of 43% and 40% based on each company's closing price and 20-day volume weighted average share price, respectively, as at April 8, 2011 (the last full day of trading for Creston prior to announcement). The proposed transaction values Creston at approximately C$195 million.
