Canadian miner TerraX Minerals has signed a definitive agreement to acquire all Gold Matter shares in exchange for its five million shares on a one-for-one basis.
As a result of this deal, Gold Matter shareholders will hold nearly 4% of issued and outstanding common shares of TerraX Minerals.
TerraX Minerals has also agreed to appoint Gerald Panneton as the company’s new executive chairman and Louis Dionne as director.
Gerald Panneton said: “I am pleased to join the TerraX team as it is a rare opportunity to find an asset in Canada that has so much potential. I am also a believer in the Yellowknife land package and a true testament of excellent potential of large typical Archean gold mining camp, well supported by all the necessary infrastructure.
“The Yellowknife camp with its multiple high-grade zones has all the potential to become the next Detour Lake and beyond.”
TerraX Minerals’ Yellowknife City Gold project covers 783km² of contiguous land immediately north, south and east of the City of Yellowknife.
Gold Matter holds an option from two individuals who are also Gold Matter shareholders, for the acquisition of a 100% undivided interest in the Mulligan Project, which is located in the Province of New Brunswick.
The project is made up of 13 mining claims, comprising 280 units and covering 5,600ha.
Panneton further added that he is planning to make an equity investment in TerraX.
Completion of the deal is subject to the approval of TSX Venture Exchange and other closing conditions.