Merger consolidates BC copper district
Junior Serengeti Resources has announced that it will acquire fellow TSX-V-listed Sun Metals, consolidating the contiguous copper/gold exploration assets of Kwanika and Stardust, both of which will benefit from operational synergies as the projects advance, along with a portfolio of British Columbia copper/gold assets.
Serengeti will acquire the issued and outstanding shares of Sun Metals on the basis of 0.43 common shares for each share of Sun Metals. Upon completion of the transaction, shareholders of Sun Metals will hold about 40% of Serengeti’s shares.
Sun Metals director Mark O’Dea will assume the role of executive chairperson of Serengeti and Serengeti CEO David Moore will be interim CEO.
“This unique corporate combination creates an exciting, diversified copper/gold developer with a large pipeline of projects, in one of Canada’s most prolific porphyry mining camps. We are bringing together exploration, development and operational synergies at multiple projects along with ongoing resource expansion opportunities and new discovery potential.
I am delighted to be part of this exciting new opportunity both as an executive and meaningful shareholder. I believe the proposed board and management team has the expertise and experience to deliver value into a rising copper market that is hungry for new investment opportunities,” says O’Dea.
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