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Electrum Discovery ( (TSE:ELY) ) has shared an update.
Electrum Discovery Corp. has agreed to merge in a share-exchange, merger-of-equals transaction with ASX-listed MinRex Resources to create a well-capitalized gold-copper exploration and development company listed in Australia. Under the deal, MinRex will be the surviving issuer with more than A$8 million in cash and no debt, Electrum securityholders will own 49.3% of the enlarged group, and Electrum shareholders will receive approximately 7.9 MinRex shares for each Electrum share. The combined company will pool Electrum’s advanced Novo Tlamino Gold Project in Serbia, which hosts a 670,000-ounce inferred gold-equivalent resource and is supported by a prior economic study, with MinRex’s Sofala Gold Project in New South Wales and other gold, copper and base metal assets, while integrating the two boards and management teams, including the planned appointment of Electrum CEO Dr. Elena Clarici and Michael Thomsen as directors. Management of both companies say the transaction is designed to unlock greater value through scale, diversification and a stronger balance sheet, enabling accelerated resource-growth and discovery-focused drilling at Novo Tlamino and across the Australian portfolio, with support from key Electrum insiders and major shareholders who collectively hold about 28% of the company’s outstanding shares.
More about Electrum Discovery
Electrum Discovery Corp. is a Vancouver-based mineral exploration company focused on gold and copper projects, with its flagship Novo Tlamino Gold Project in Serbia hosting a significant near-surface inferred mineral resource. The company targets advanced-stage precious and base metal assets in established mining jurisdictions, and is listed on the TSX Venture Exchange, the Frankfurt Stock Exchange and the OTC markets, giving it access to international mining and exploration capital.
Average Trading Volume: 141,565
Technical Sentiment Signal: Sell
Current Market Cap: C$8.14M
See more insights into ELY stock on TipRanks’ Stock Analysis page.