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Tarsis Resources (TSXV:TCC) and Estrella Gold (TSXV:EST) have received court approval for the acquisition of Estrella by Tarsis to form Alianza Minerals. The transaction is expected to be complete in early May. The
Tarsis Resources (TSXV:TCC) and Estrella Gold (TSXV:EST) have received court approval for the acquisition of Estrella by Tarsis to form Alianza Minerals. The transaction is expected to be complete in early May.
As quoted in the press release:
99.36% of the shares represented at the Estrella special shareholder meeting held on April 8, 2015 were voted in favour of the Arrangement. Under this Arrangement, Estrella shareholders will receive one common share of Tarsis for each Estrella share held. On April 17, 2015, the Supreme Court of British Columbia approved the Arrangement.
Immediately upon completion of the Arrangement, a share consolidation (one new for ten old) will take place and the combined company will change its name to Alianza Minerals Ltd. Alianza will have 10.8 million shares outstanding before the completion of the financing.
Trading of Estrella’s shares halted on April 20. As the press release stated:
The trading of Estrella’s common shares was halted effective April 20, 2015, pending the completion of the Arrangement, at which time the shares of the merged company Alianza Minerals Ltd. will be traded under the new symbol “ANZ” on the TSX Venture Exchange.
It is expected that the transaction will be completed by early May and the shares of Tarsis and Estrella will commence trading under the new Symbol at that time, on the post consolidation basis.
The companies also announced that a financing is currently underway:
A financing is underway, on a post share consolidation basis of one new share for ten old shares, at $0.25 per subscription receipt. Each subscription receipt will become a unit on closing of the Arrangement, which is comprised of one common share and one common share purchase warrant exercisable to acquire one common share for a period of three years at $0. 40. A finder’s fee of 5% cash and 5% finder’s warrants will be paid to certain parties. Each finder’s warrant is exercisable into one common share for a period of one year at $0.25. All securities are subject to a four-month hold period from the close of the Arrangement. All warrant exercise prices are on a post share consolidation basis. The first tranche of the financing will be closed in conjunction with the closing of the Arrangement.
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