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Serengeti and Sun Metals Announce Merger to Consolidate Copper District in North-Central BC and Concurrent $8 Million Financing
Serengeti and Sun Metals Announce Merger to Consolidate Copper District in North-Central ...
About this update from Northwest Copper Corp.
[{"type":"text","content":"\n \n \n \n Serengeti and Sun Metals Announce Merger to Consolidate Copper District in North-Central BC and Concurrent $8 Million Financing\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Nov. 30, 2020\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Nov. 30, 2020\n \n /CNW/ - Serengeti Resources Inc. (TSX-V: SIR) (\"\n \n Serengeti\n \n \") and Sun Metals Corp. (TSX-V: SUNM) (\"\n \n Sun Metals\n \n \") are pleased to announce that they have entered into a definitive arrangement agreement dated\n \n November 29, 2020\n \n (the \"\n \n Agreement\n \n \") pursuant to which Serengeti will acquire all of the issued and outstanding shares of Sun Metals (the \"\n \n Transaction\n \n \") on the basis of 0.43 common shares of Serengeti (on a pre-Consolidation (as defined below) basis) for each share of Sun Metals held, by way of a plan of arrangement under the\n \n Business Corporations Act\n \n (\n \n British Columbia\n \n ) (the \"\n \n Arrangement\n \n \"). The Transaction will consolidate the contiguous copper-gold exploration and development assets of Kwanika and Stardust, both of which will benefit from operational synergies as the projects advance with a combined development strategy, along with a robust portfolio of\n \n British Columbia\n \n copper-gold assets, well positioned to take advantage of a strengthening copper market. Upon completion of the Transaction, it is expected that the shareholders of Sun Metals will hold approximately 40% of Serengeti's issued and outstanding shares (prior to the concurrent financing), and\n \n Mark O'Dea\n \n will assume the role of Executive Chairman of Serengeti.\n \n \n \n \n \n \n \n \n \n \n Transaction Highlights\n \n \n \n \n Consolidation of the contiguous Kwanika (67% Serengeti owned) and Stardust (100% Sun Metals owned) copper-gold resource projects in north-central\n \n British Columbia\n \n , creating synergis...