Toronto-Sprott Resource Corp. (SRC) said July 15 that its wholly-owned subsidiary (Holdco), which indirectly holds SRC’s interest in the Mantaro Phosphate Project in Peru, has signed a letter agreement with Stonegate Minerals Ltd. to amalgamate Holdco and Stonegate. The key principals of Stonegate, Ian McDonald and Kerry Knoll, will manage the amalgamated company (Amalco) and work to develop the Mantaro project. The Mantaro deposit is located approximately 250 km east of Lima, Peru, approximately 30 km west from the city of Huancayo. The primary purpose of SRC, a Canadian-based company, is to invest, directly and indirectly, in natural resources. Stonegate is a private Ontario corporation with working capital of approximately $5.3 million. Following the amalgamation and additional private placements completed by Stonegate and Amalco, SRC will own approximately 79 percent of the shares of Amalco. Immediately following the amalgamation, Amalco will have working capital of approximately $7.4 million.
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