Founders Metals stock surges to new high on Antino drill results
The new results are highlighted by another high-grade interval of 6 metres at 5.31 g/t gold.
Canada’s GoldCorp (TSX:G, NYSE:GG) is investing $3.7 million to acquire a 14% interest in a newly formed gold exploration company born Thursday from the merger of Matamec, Canada Strategic Metals and Sphinx Resources.
The new explorer, named Quebec Precious Metals Corp. (QPM), will focus on the James Bay area, bordering the provinces of Quebec and Ontario, where it will own three projects until now property of Sphinx, which Canada Strategic Metals will acquire as part of the deal .
The new explorer, named Quebec Precious Metals Corp. (QPM), will focus on the James Bay region, in Quebec.
Then that company and Matamec will be merged to create QPM, a “well-capitalized company with a large land position and significant holdings in the highly prospective Eeyou Istchee James Bay region, Quebec, near Goldcorp’s Éléonore mine,” the parties said in a statement.
Goldcorp, the world’s third largest bullion producer by market value, has agreed to buy roughly 6 million subscription receipts at a price of $0.61 each. Upon completion of all arrangements, the receipts will be automatically converted into shares representing 14% of the new company.
The Vancouver-based gold giant is expected to provide technical expertise and knowledge of the James Bay area, which holds high quality early stage exploration gold targets.
The deal provides Canada Strategic and Matamec shareholders with premiums of 41% and 32% respectively to the average price of their shares prior to the announcement.
“QPM, with quality gold exploration assets and a key shareholder, will be in a good position to attract additional growth opportunities,” the companies said.
Quebec Precious Metals’ headquarters will be in Montreal.
Territory to be held by Quebec Precious Metals.
