境外上市初级资源公司的并购与运作——Canaco公司的案例

Acquisition and operation of oversea junior listed resources company——A case study on Canaco Resources Inc.

中色地科公司通过定向增发的形式,以每股0.05加元的价格,成功收购加纳克资源公司(Canaco ResourcesInc.)35.2%的股权,成为其第一大股东。中色地科进入后,通过专注于坦桑尼亚Handeni金矿项目的勘查,取得重大找矿突破,截至2010年12月10日,在一年半的时间内公司股价一路上涨至6.05加元,增长了100余倍,公司市值也从中色地科进入时的200多万加元,上升至10亿加元左右,成为多伦多证交所创业板成长性最好的股票之一,受到投资者的追捧,被业界誉为"最成功的投资案例"。文章较详细地介绍了中色地科对Canaco公司的并购、运作过程、把握的几个关键环节及一些初步的体会。指出并购境外上市初级资源公司,充分利用境外资本市场,实现技术与资本的有机结合,是推动地勘单位国际化经营转型的重要途径。

Sinotech Minerals Exploration Co. , Ltd. （＂Sinotech＂） participated in the private placement of Canaco Resources Inc. （ ＂Canaco＂ ） in 2009 and subscribed for 35.2% shareholding of the offering at C $0.05, which defined Sinotech as the largest shareholder of the company. Consequently Canaco commenced drilling in Magambazi Property in Handeni project,Tanzania and continued making significant exploration breakthroughs. The series of discoveries have motivated the price of Canaco vigorously and by December 10th,2010,the stock price climbed up to C $ 6.05,which is more than 100 times of the initial price when Sinotech made the equity investment. The market value of Canaco increased from about two million Canadian dollars before Sinotech participated the placement to around one billion dollars,which defines Canaco as a stock with the best growth in TSX Venture Exchange, and Sinotech was praised in the market as the company conducting the most successful investment in the year. This paper brings the private invest- ment into full explanation and shares the key operating procedures as well as the conclusions drawn from the development of the company. The authors take the viewpoint that investment in overseas public junior exploration companies, utilization of the overseas capital market to dynamically integrate technology and capital turn out to be an important way to promote the international business for Chinese exploration institutions.