Granite Creek Copper Ltd. (GCX:TSX.V) announced in a news release it signed a definitive agreement to acquire all of the Copper North Mining shares that it does not already own.
With the transaction, Copper North shareholders will receive one Granite Creek common share for every 2.5 Copper North shares. This exchange ratio reflects an offer price of $0.06 for every Copper North share and thus, a 20% premium to the Aug. 28, 2020, closing price of Copper North shares on the TSX Venture Exchange.
Both copper companies' boards of directors have unanimously voted in favor of the deal.
"Since early 2019, Granite Creek has moved quickly to advance and enhance its position in the Minto Copper district. Upon completion of the Arrangement, the combined company will have consolidated 176 square kilometers of the district including the mineral resources previously confirmed on the PEA-stage Carmack copper deposit and the highly prospective Stu Project,"Tim Johnson, Granite Creek CEO, stated.
"With the second-largest land package in the district with an advanced project, Granite Creek is positioned to rapidly develop the overall potential of its holdings and is evaluating the potential for initiating a diamond drill program on high-priority targets at Stu," Johnson added.
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