As part of this transaction, all of the Karus common shares would be distributed to KORE shareholders on a pro-rata basis to their ownership in the parent company.
With first gold production expected later this month, the company will moving on to a full-scale ramp up of the mining and milling activities in the next quarter.
Berg includes a historic resource estimate of 397 million measured and indicated tonnes grading 0.44% copper-equivalent and 14 million inferred tonnes at 0.34 copper-equivalent.
The financing includes a $80-million senior credit facility, provided by Sprott, and a $25-million subordinated convertible facility, provided by both Beedie and Sprott.