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Colorado Resources (TSXV:CXO,OTC Pink:CLASF) has signed a binding arrangement agreement with Buckingham Copper in order to acquire the latter.
Colorado Resources (TSXV:CXO,OTC Pink:CLASF) has signed a binding arrangement agreement with Buckingham Copper in order to acquire the latter.
As stated in the press release:
The acquisition of Buckingham by Colorado by Plan of Arrangement is expected to be completed on or around August 13, 2019, following corporate and regulatory approvals. Details are summarized below. Upon completion of the Arrangement, a $1.4 million exploration program, including drilling, is expected to immediately commence on Colorado’s Kinaskan-Castle property.
Highlights from the release are as follows:
Colorado will acquire Buckingham through the issuance of 12,490,054 Colorado shares. Buckingham brings two complementary projects in northwestern British Columbia to Colorado, plus financial and technical expertise.
The minimum $2.5 million financing has been arranged through commitment letters, and Subscription Receipts are currently being collected.
The combined company will hold over 130,000 hectares of mineral tenure focused in the Golden Triangle with initial exploration focused on the Kinaskan-Castle property.
Upon closing, the five-member board of Colorado will be reconstituted by the addition of Michael Cathro and Dr. Fletcher Morgan, and existing Colorado Board members, Cecil Bond, Alastair Still and Bryan Wilson.
Click here to read the full press release from Colorado Resources.