Dia Bras Shops in Peru

Canadian base and precious metals miner Dia Bras says it has signed a binding agreement to acquire 82% of Peru-based silver, copper and lead miner Minera Corona for $285.5m. Dia Bras will finance the acquisition with a $150.0m bridge loan from Citi and a non-brokered private placement of up to 58.4m subscription receipts to be issued at CAD2.86 each, or a total of CAD167.0m. Each subscription receipt will entitle the holder to receive 1 Dia Bras share. The deal, which represents Dia Bras’ first foray into Peru, is expected to close by June. The company’s operations are all in Mexico. Citi is advising Dia Bras. The companies were not immediately available for comment.