- Northern Superior Resources (SUP) has acquired all of the issued and outstanding common shares of Genesis Metals Corp. (GIS)
- The transaction has established Northern Superior as a premier gold exploration company with six early-to-advanced staged gold exploration projects
- Former Genesis shareholders received 0.2304 of a Northern Superior common share for each Genesis share held
- Northern Superior issued an aggregate of 14,500,037 Northern Superior shares
- The Genesis shares are expected to be delisted from the TSXV at the close of trading on or about July 15, 2022
- Northern Superior Resources Inc. is up 2.6 per cent, trading at C$0.395 per share at 1 pm ET
Northern Superior Resources (SUP) has acquired all of the issued and outstanding common shares of Genesis Metals Corp. (GIS).
This was done in line with a statutory plan of arrangement under the Business Corporations Act (British Columbia).
The transaction has established Northern Superior as a premier gold exploration company with six early-to-advanced staged gold exploration projects across major gold camps in Québec and Ontario and creates significant synergies and scale in the Chapais-Chibougamau Camp.
“Northern Superioris pleased to complete the acquisition of Genesis which creates the dominant exploration company in the Chapais-Chibougamau Camp with the largest land position of over 56,000 Ha, with NI 43-101 compliant gold resources inferred (Croteau Est and Chevrier) and indicated (Chevrier) and three distinct discoveries and large scale properties,” explained Thomas Morris, President, CEO and Director of Northern Superior
Former Genesis shareholders received 0.2304 of a Northern Superior common share for each Genesis Share held.
As a result of the transaction, Northern Superior issued an aggregate of 14,500,037 Northern Superior shares, resulting in existing Northern Superior and former Genesis shareholders owning approximately 83 per cent and 17 per cent, respectively, of the Northern Superior shares outstanding, on a non-diluted basis.
Furthermore, Northern Superior acquired the Chevrier Project located in Chibougamau, Québec and the October Gold Project located in Ontario.
Northern Superior has received acceptance to list the Northern Superior Shares issued on the TSXV.
The Genesis shares are expected to be delisted from the TSXV at the close of trading on or about July 15, 2022.
Northern Superior Resources Inc. is up 2.6 per cent on the day, trading at C$0.395 per share at 1 pm ET.