Welcome to a roundup of some of our financing, exploration, and development stories on Theassay.com over the last week. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing and M&A
Over the past week, Denarius Metals Corp. (OTCQX: DNRSF) announced that effective as of market open on 27 March 2024, the company’s common shares (CUSIP 248233207) and certain common share purchase warrants (CUSIP 248233116) will commence trading on Cboe Canada under the symbol “DSLV” and “DSLV.WT”, respectively. The common shares and warrants have been delisted from the TSX Venture Exchange.
Cboe Canada is Canada’s Tier 1 stock exchange for the purpose-driven innovation economy, providing a best-in-class listing experience for issuers that are shaping the economies of tomorrow. Fully operational since 2015, Cboe Canada lists investment products and companies seeking an internationally recognized stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.
Puma Exploration Inc. (TSXV: PUMA | OTCQB: PUMXF) has closed a non-brokered placement consisting of 5,000,000 charity flow-through units at C$0.125 per CFT unit for gross proceeds of C$625,000. Each CFT unit is comprised of one charity flow-through share and one-half common share purchase warrant. Each whole warrant is exercisable to purchase one common share of the company at C$0.15 per share until 28 March 2026.
The warrants are subject to an acceleration clause that entitles the company to provide notice to holders that they will expire 30 days from the date the company delivers the acceleration notice. The company can only provide the acceleration notice if the closing price of the company’s common shares on the TSXV is equal to or greater than C$0.30 for 30 consecutive trading days. The acceleration notice can be provided at any time after the statutory hold period and before the expiry date of the warrants.
The net proceeds will be used to incur eligible Canadian exploration expenses and flow-through mining expenditures, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than 31 December 2024. The funds will be used to advance exploration at the Williams Brook Gold Project and the company’s assets in Northern New Brunswick.
New exploration and development
Also, Ionic Rare Earths Limited (ASX: IXR) has entered into a binding agreement with ASX listed Viridis Mining and Minerals Limited (ASX: VMM) to form a 50:50 joint venture company with the aim of establishing a significant leading role in the future global supply chain for Rare Earth Elements (REE) via the leveraging of intellectual property (IP) and skill set of IonicRE and the global assets of Viridis.
The joint venture agreement is seen as an outstanding opportunity for IonicRE to advance the strategy of the company to become a leading supplier to the western world, of high quality, secure and dependable magnet and heavy rare earths, critical to the multitude of dependent industries and energy transition affecting billions of people around the globe.
This joint combination advances the growth strategy for both companies by several years and draws on the support and alignment of several state agencies of Brazil, a nation that is both rich in rare earths and aims to become a global leader in rare earth production and supply.
Other company news
Finally, Azure Minerals Limited (ASX: AZS) has provided an update regarding the proposed acquisition of 100% of the shares in Azure by SH Mining Pty Ltd, a bid vehicle jointly owned by Sociedad Química y Minera de Chile S.A. (through its subsidiary SQM Australia Pty Ltd) and Hancock Prospecting Pty Ltd by way of a scheme of arrangement for cash consideration of A$3.70 per Azure share, and a fall-back conditional off-market takeover offer for cash consideration of A$3.65 per Azure share should the scheme not be successful.
As outlined in the transaction booklet dated 4 March 2024, the shareholder meetings detailed in that transaction booklet will take place as scheduled, being the extraordinary general meeting to seek Azure shareholder approval of the joint bidding arrangements between SQM and Hancock scheduled at 10am (Perth time) on 8 April 2024.
As shareholders will be aware, both the Scheme and Takeover remain subject to several conditions, including approval from the Foreign Investment Review Board.
