- Abcourt Mines (ABI) and Pershimex Resources Corporation (PRO) have entered into an amalgamation agreement
- Under the terms of the agreement, Abcourt has agreed to acquire all of the issued and outstanding common shares of Pershimex
- This will create one of the largest property portfolios among gold explorers across major gold districts in Québec
- Abcourt Mines Inc. is a gold producer and a Canadian exploration corporation
- Pershimex Resources Corporation is a mining exploration and development corporation
- Abcourt Mines Inc. opened trading at $0.04 per share
Abcourt Mines (ABI) and Pershimex Resources Corporation (PRO) have entered into an amalgamation agreement.
Under the terms of the agreement, Abcourt has agreed to acquire all of the issued and outstanding common shares of Pershimex.
This will create one of the largest property portfolios amongst gold explorers across major gold districts in Québec and a massive diversified emerging gold producer and explorer in Québec.
The transaction is being carried out by way of a three-cornered amalgamation under the Canada Business Corporations Act.
As part of the transaction, Abcourt intends to complete a share consolidation on the basis of seven for one (7:1) common shares of Abcourt.
The proposed consolidation will reduce the number of outstanding Abcourt shares from 348,814,130 to 49,830,590.
In addition, Abcourt intends to change its name to “Infinitas Gold inc. / Infinitas Or inc.” and its trading symbol to “IN.”
The consolidation and name change are subject to the TSX Venture Exchange’s approval and Abcourt shareholders’ approval.
Under the terms of the merger agreement, Pershimex shareholders will receive 0.0816 of an Abcourt share for each Pershimex share.
The exchange ratio implies a consideration of C$0.0289 per Pershimex share, based on the 60-day volume weighted average price (VWAP) of the Abcourt shares on the TSXV on October 3, 2022.
Pascal Hamelin, Chairman and CEO of Abcourt, also serves as a director of Pershimex.
“We have an opportunity to become a large landholder of gold properties, many gold exploration projects and an advanced development gold project with the Sleeping Giant Mine and Mill,” said Pascal Hamelin, President and CEO of Abcourt.
“With this major transaction to come, our company will move to another level. From a modest explorer, we will soon become a gold producer established in Abitibi with two gold mines, an ore processing plant and one of the largest claim portfolios in Abitibi,” stated Robert Gagnon, President and CEO of Pershimex.
Abcourt Mines Inc. is a gold producer and a Canadian exploration corporation with strategically located properties in northwestern Québec, Canada.
Pershimex Resources Corporation is a mining exploration and development corporation with projects located primarily in the Abitibi region of Québec, Canada, focusing on the discovery and development of high-grade gold deposits.
Abcourt Mines Inc. opened trading at $0.04 per share.
