TSX-V Listed Company Successfully Closes Acquisition of Rare Earth Elements Mineral Property in Western Newfoundland
A TSX-V listed Canadian exploration and development company (the
“Company”) successfully closed the acquisition of issued and outstanding
shares of a mining company (the “Target Company”), pursuant to the
letter agreement (the “Agreement”) among the Company, the Target Company,
and all of the Target Company’s shareholders, (collectively, the “Vendors”),
and acquired a Rare Earth Elements mineral property in Western Newfoundland (the
“Property”).
Pursuant to the terms of the Agreement, the Company acquired
all the issued and outstanding shares of a newly amalgamated corporation, resulting
from the vertical combination of the Target Company and its wholly-owned
subsidiary, which held 100% interest in the Property. Consideration for the
Vendors was a cash deposit to be used for license fees to keep the Property in
good standing and the issuance of common shares of the Company. Upon closing
the Acquisition, the Target Company became the 100% holder of the Property and
wholly-owned subsidiary of the Company.
Aird & Berlis acted for the Target Company, with a team that included Jeffrey Merk and Larissa Archer.
