Blackwolf Copper and Gold has agreed to acquire all of the issued and outstanding common shares of Canada-based mineral exploration company Optimum Ventures.
According to the deal, Optimum shareholders will receive 0.65 of a Blackwolf common share for each share held in Optimum.
Blackwolf said that each stock option of Optimum will also be cancelled without payment.
Blackwolf CEO Morgan Lekstrom said: “With the acquisition, Blackwolf is positioning itself as a leading explorer and developer of precious and base metals projects on both sides of the border in the Golden Triangle.
“Both Optimum’s Harry project in BC [British Columbia] and Blackwolf’s Cantoo property nearby in Alaska, where we are the only operator, host numerous compelling high-grade gold prospects that we are excited to continue to explore and start testing with initial drilling this year.
“Also, I will continue to work closely with the Optimum team with regards to the knowledge on the Harry project, capital markets and their marketing ideas.”
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Blackwolf said the combined entity would benefit from several development and operational synergies.
The transaction has been approved by the boards of both companies and is subject to the receipt of applicable regulatory approvals, among others. It is due to be completed at or near the beginning of September 2023.
Optimum CEO Tyler Ross said: “This is a transformational opportunity for Optimum’s shareholders to join the vision of Blackwolf in becoming a leading mining company in the Golden Triangle.
“With experienced leadership under Morgan Lekstrom, strategic investment from Frank Giustra, Rob McLeod leading the geological programmes and the addition of Andrew Bowering to the board of the resulting issuer, the combined entity is well situated to unlock the large-scale potential of these complementary projects in the Golden Triangle.”