Cranstown Capital, a capital pool company, has announced its intention to acquire all issued and outstanding securities of mining exploration company J2 Metals.

This move is set to be executed via a share exchange, amalgamation or another business combination, with the aim of consolidating J2 Metals’ assets under Cranstown’s portfolio.

Under the non-binding letter of intent, Cranstown plans to issue common shares to J2 shareholders on a one-for-one basis, aligning with the number of J2 shares currently outstanding.

As it stands, Cranstown has 8,404,000 common shares and 840,400 stock options exercisable at $0.10 each.

The completion of this acquisition is contingent upon several conditions including the execution of a definitive agreement by 15 April 2024.

J2 will become a wholly owned subsidiary of Cranstownafter the deal is completed.

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Established in April 2020 and headquartered in Vancouver, British Columbia, J2 is at the forefront of mining exploration.

The company’s projects in British Columbia and Alaska are poised for gold and copper exploration, while another property in Quebec has been optioned to Stearman Resources.

J2 will keep 25% of the Miniac property, while Stearman may earn up to 75% of it. The Miniac property is made up of 78 mineral claims totalling 4,110 hectares, and is situated in Quebec’s Abitibi area.

The company noted that if and when a definitive deal is signed, more information about the proposed transaction will be made public.

Right now, it is not expected that the parties would finalise any simultaneous financing related to the proposed deal.