Canada-based zinc-focused base metals developer Trevali Mining has acquired Maple Minerals for approximately $22m.
Trevali Mining offered 20,000,010 common shares and 3,999,986 common share purchase warrants to the former shareholders of Maple as part of the acquisition terms.
Each warrant is exercisable at $2.00 a share for one year from the date of closing the deal.
Pursuant to the deal, Trevali will now own a metallurgical and geochemical laboratory and permitted tailings treatment facility in addition to the mine complex.
The deepest underground intercept to date at the mine is at 34.77m hosting 7.22% zinc, 2.69% lead, 0.25% copper, 76.8g/t silver and 2.19g/t gold.
Trevali will also acquire Maple's 3,000t-a-day Caribou mill and mine complex in the Bathurst Mining Camp of northern New Brunswick.
Trevali president and CEO Dr Mark Cruise stated that the acquisition of such a "highly strategic asset" serves to consolidate the company's position within the Bathurst Mining Camp.
"The modern Caribou Mill provides Trevali with a cost-effective, fast-track milling solution for our New Brunswick operating unit, and it positions the company to maximise shareholder value in light of anticipated near-term global zinc deficits.
"We look forward to continued positive relationships with the Province of New Brunswick and our Mi'gmag First Nation partners in order to expand Trevali's operations in a timely and responsible manner," Cruise added.
Image: The acquisition of the Caribou mill and mine complex in New Brunswick will strengthen Trevali's zinc operations. Photo: Trevali Mining Corporation.