Inter-Rock Subsidiary Announces Agreement to Acquire a Dolomite Quarry and Plant
June 16 2011 - 4:15PM
Marketwired
Inter-Rock Minerals Inc. (TSX VENTURE: IRO) ("Inter-Rock")
announces that its wholly-owned Colorado subsidiary, MIN-AD, Inc.
("MIN-AD"), has executed an asset purchase agreement (the
"Agreement") with Unimin Corporation to acquire an operating
dolomite quarry and plant located in Mill Creek, Oklahoma (the
"Mill Creek Business").
MIN-AD currently supplies a high quality dolomite to the beef
and dairy cattle feed industry. The acquisition of the Mill Creek
Business will give Inter-Rock access to other specialty markets for
dolomite. Additionally, there may be synergies with MIN-AD's
business as Mill Creek is a favourable location to supply the beef
industry. MIN-AD believes the Mill Creek dolomite is suitable for
animal nutrition applications, but further research is required to
verify this.
The purchase price for the Mill Creek Business is US$2 million
to be paid in cash at closing, plus an adjustment post-closing in
respect of inventory. Completion of the transaction is subject to
customary closing conditions, including receipt of regulatory
approvals. The acquisition will close on the date that is two
business days following the satisfaction or waiver of the
conditions set out in the Agreement. It is currently anticipated
that closing will take place in approximately three weeks. Further
information will be released to the market at the time of
closing.
Certain information regarding Inter-Rock including management's
assessment of future plans and operations, may constitute
forward-looking statements under applicable securities laws and
necessarily involve risks associated with mining exploration and
development, volatility of prices, currency fluctuations,
imprecision of resource estimates, environmental and permitting
risks, access to labor and services, competition from other
companies and ability to access sufficient capital. As a
consequence, actual results may differ materially from those
anticipated in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Inter-Rock Minerals Inc. Michael B. Crombie, Ph.D.
President iro@on.aibn.com
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