Canada-based Wallbridge Mining Firm has divested all its nickel belongings, rights and obligations in Quebec and Ontario to nickel-copper PGE-focused explorer Archer Exploration.
The offloaded nickel belongings embody 2,046 mining titles protecting a 67,000ha space and a 100% stake within the Grasset nickel sulphide mission in Quebec.
Below the deal signed earlier this 12 months, Wallbridge obtained 66.2 million Archer frequent shares with a complete deemed worth of C$53.6m.
The corporate may also retain a 2% internet smelter royalty on manufacturing from the Grasset mission.
Positioned throughout the Abitibi greenstone belt 55km from Matagami, Quebec, the Grasset mission would function Archer’s flagship and core asset.
Wallbridge CEO Marz Kord stated: “The transaction is in step with Wallbridge’s technique of shifting ahead as a pure-play gold firm centered on its core Detour-Fenelon gold development properties.
“Archer is a centered exploration and growth firm which we consider has the administration group and funding in place to ship long-term worth for our shareholders.”
Wallbridge plans to distribute roughly 48.2 million Archer shares to its shareholders on a pro-rata foundation. It plans to retain the remaining 18 million shares that symbolize about 19.9% of excellent share capital in Archer.
Archer president and CEO Tom Meyer stated: “We consider this acquisition will set up Archer as a number one Canadian nickel sulphide-focused exploration and growth firm.”