4 June 2013capital raising announcement▲ GoodMajor
The Freeport-McMoRan/MMR merger closed: each MMR share converted into $14.75 cash plus 1.15 Gulf Coast Ultra Deep Royalty Trust units, and McMoRan Oil & Gas conveyed the trust a 5% gross overriding royalty - free of drilling and development costs - on 20 ultra-deep exploration prospects (17 offshore, 3 onshore Louisiana), including Highlander and Davy Jones. The trust has no say over exploration or development decisions.