Champion Iron Mines Limited (TSX:CHM)(FRANKFURT:P02) ("Champion" or the "Company") is pleased to announce that Champion and Mamba Minerals Limited (ASX:MAB) ("Mamba") have entered into a definitive arrangement agreement (the "Agreement") pursuant to which Mamba, together with a wholly-owned Canadian subsidiary of Mamba ("Canco") will acquire, by way of a court-approved plan of arrangement (the "Arrangement"), all of the outstanding common shares of Champion.
The business combination once completed will create a new iron ore company to be named "Champion Iron Limited" with a significant holding in one the world's leading iron ore regions and a team of management and directors with a track record for attracting strategic investment into major resource projects. The resulting company will continue to be listed on the Australian Stock Exchange ("ASX") and it is a condition of closing of the Arrangement that Mamba's shares be listed for trading on the Toronto Stock Exchange ("TSX") as of the effective date, thereby providing it access to both the North American and Australian markets.
