Bluestone, Metals Exploration merger terms revised

Volatility in the tin and nickel sectors have forced an alteration of the merger agreement between East Perth-based companies Bluestone Tin Ltd and Metals Exploration Ltd, announced on May 1.

The revised terms of the merger mean Metals Ex shareholders will receive five Bluestone shares for every one held.

Since the announcement of the intent to merge there has been significant volatility in the respective commodity and share prices of both entities. Also, Bluestone had experienced delays in the completion of its primary vent shaft / emergency egress and as a consequence mine production at Collingwood had been restricted during this period. These have now been resolved and the Collingwood Project is now in full production mode.