Granite Creek Copper Ltd. (GCX:TSX.V) announced in a news release it entered an agreement to acquire about 30% of the outstanding shares of Canada's Copper North Mining. For 26,146,233 Copper North common shares, Granite Creek will pay 10,529,663 of its own common shares.
"We believe this acquisition will be accretive to Granite Creek shareholders as the adjoining claim blocks of both companies share many synergies including common geology, infrastructure and expanded exploration potential," Granite Creek CEO Tim Johnson said in the release.
The deal is in accordance with the private agreement exemption of relevant securities law. It applies in this case because Granite Creek will acquire the shares from fewer than five vendors and because the value of Granite Creek's shares, which it is using as consideration, is less than 115% of the market price of those shares.[NLINSERT]
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