MinRex Resources has completed its acquisition of TSX-V-listed Electrum Discovery Corporation, with the enlarged group now focused on advancing drilling at the Tlamino goldproject in Serbia.
The transaction, which was completed by way of a Canadian statutory plan of arrangement, with MinRex acquiring 100% of the issued and outstanding shares of Electrum, has formed a well-funded and well-endowed gold and copper exploration company.
Electrum brought to the group the Tlamino asset, having identified near-surface inferred resources of about 670 000 oz of goldequivalent. MinRex also retains ownership of the Sofala goldproject in New South Wales, which hosts inferred resources of about 350 000 oz of gold.
MinRex’s immediate strategy is to advance the high-grade Tlamino project to unlock district-scale discovery upside across compelling gold and copper targets.
As a result of the acquisition, MinRex welcomes board member Dr Elena Clarici to the board, who adds significant resources, corporate and Serbian experience to the leadership team.
Pursuant to the merger, which resulted in Electrum becoming a wholly-owned subsidiary of MinRex, holders of Electrum common shares will receive 7.9 MinRex shares for each Electrum common share held prior to the effective time of the merger.
MinRex expects Electrum’s shares to be delisted in Toronto on April 14.