Business
Canuc Acquires MacDonald Mines
Toronto, Ontario--(Newsfile Corp. - May 8, 2025) - Canuc Resources Corporation (TSXV: CDA) (QTCQB...
About this update from Canuc Resources Corporation
[{"type":"text","content":"Canuc Acquires MacDonald MinesToronto, Ontario--(Newsfile Corp. - May 8, 2025) - Canuc Resources Corporation (TSXV: CDA) (QTCQB: CNUCF) (\"Canuc\") and Macdonald Mines Exploration Ltd. (\"Macdonald Mines\") are pleased to announce the completion of the previously announced arrangement (\"Arrangement\") whereby Canuc has acquired all of the issued and outstanding shares of Macdonald Mines (the \"Macdonald Mines Shares\"), subject to delivery of post-closing documentation to TSXV and final TSXV acceptance.The Arrangement results in Canuc acquiring 100% of Macdonald Mines Shares and a successor entity to Macdonald Mines becoming a wholly owned subsidiary of Canuc, such that all of the assets and liabilities of Macdonald Mines are now beneficially owned by Canuc. Pursuant to the Arrangement, Canuc issued an aggregate of 73,768,343 shares and shareholders of Macdonald Mines received 1.497 Canuc shares for each Macdonald Mines Share (the \"Exchange Ratio\"), including approximately 1,796,400 Canuc shares issued as a result of the recent exercise of an aggregate of 1,200,000 BMK warrants. \"Significant opportunities and synergies accrete to both Canuc Resources and MacDonald Mines shareholders from this acquisition. The SPJ Project, currently held by MacDonald Mines, spans more than 19,710 hectares (~200 km2) in east Sudbury, one of Canada's most storied mining jurisdictions which has contributed to Canada's national wealth over three separate centuries and through two world wars. The San Javier Project, held by Canuc, is located in Sonora State Mexico, in an area that has supported small scale artisanal silver, gold, copper and anthracite mining for over 200 years, and which has not yet been comprehensively explored with modern technologies or considered with present day models of ore genesis.\" \"The prospect of delivering new discoveries in premier extractive jurisdictions by application of modern AI enhanced geological modelling, and also, concurrently, of developing cash flow opportunities from abandoned mine tailings and old mine workings, gives us great confidence in our 'go forward' strategy. We anticipate being able to provide meaningful shareholder updates in the months ahead,\" said Christopher Berlet BSc (Mining), CFA, President & CEO of Canuc Resources Corp.Outstanding options and warrants of Macdonald Mines may be exe...