Muskrat Minerals Incorporated agreed to acquire 40% stake in North Atlantic Iron Corporation from Petmin Limited (JSE:PET) in stock on June 11, 2014. Muskrat Minerals will issue stock as consideration which would lead to Petmin holding 40% stake in Muskrat Minerals. Petmin Limited currently has a 32.5% stake and has an option to acquire a further 9.9% interest in North Atlantic Iron, which is anticipated close before the end of 2014. Petmin will pass on consideration shares to its shareholders in the form of a special dividend.

Muskrat Minerals Incorporated cancelled the acquisition of 40% stake in North Atlantic Iron Corporation from Petmin Limited (JSE:PET) on June 11, 2015.