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Palladium One grows critical minerals assets with MetalCorp deal

7th March 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Toronto-based Palladium One Mining is growing its portfolio of critical mineral assets with the acquisition of MetalCorp in an all-share transaction valued at C$3.3-million.

Shareholders in TSX-V-listed MetalCorp will receive 0.30 of a common share in the capital of Palladium One, implying a purchase price of C$0.026 a share.

“This transaction advances our strategy of creating value by responsibly, establishing a partnership with a senior producer and growing a portfolio of critical mineral assets in Canada in support of North American critical mineral supply chains, and it also increases liquidity,” commented Palladium One CEO Derrick Weyrauch.

Palladium One will maintain the earn-in agreement in favour of Barrick Gold on MetalCorp’s Hemlo East project, adjacent to Barrick’s Hemlo gold mine, in Ontario.

MetalCorp’s assets include two critical mineral projects located in Ontario, including the North Rock copper/nickel project and the Big Lake BL-14 copper/zinc/gold/silver VMS-style project.

Upon completion of the transaction, Palladium One will have district-scale road-accessible massive sulphide, magmatic nickel/copper projects in Ontario, Yukon and Finland.

MetalCorp CEO Donald Sheldon commented that the transaction reflected a premium of 28% for MetalCorp shareholders, based on the TSX-V closing prices of each company on the day the agreement was signed.

“We are pleased to be combining MetalCorp’s business with Palladium One.

“Like MetalCorp, Palladium One has an excellent suite of properties including gold, PGEs, copper - nickel and a strong cash position,” he added.

Edited by Creamer Media Reporter

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