79North (TSE:JQ) has released an update.
79North Inc. is set to become a wholly-owned subsidiary of Miata Metals Corp. following a proposed acquisition where Miata will issue 9 million common shares to 79North’s shareholders, representing approximately 22% ownership post-acquisition. In addition to the share exchange, Miata will provide a $200,000 bridge loan to 79North to settle its liabilities before closing. The deal is complemented by a private placement from Miata aimed to raise $1.5 million for exploration projects and various corporate purposes.
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