Lowell Copper Ltd. completed the acquisition of Gold Mountain Mining Corporation.
Upon completion of the transaction, Greg Smith, currently Chief Executive Officer of Anthem, will assume that role for the combined company. J. David Lowell, Greg Smith, Catherine McLeod-Seltzer and Marcel de Groot, will remain directors of the new Company, and will be joined by incoming director Jim O'Rourke. The transaction is subject to the completion of confirmatory due diligence, TSX-V and other regulatory and court approvals or orders, raising minimum gross proceeds of CAD 10 million from the concurrent financing, 66 2/3 shareholder approval required for Gold Mountain, 50.1% shareholder approval required for Lowell Copper, grant of dissent rights to the holders of Gold Mountain common shares. The transaction has been unanimously approved by the Board of Lowell and Gold Mountain. The shareholders of each of Lowell Copper Ltd., Gold Mountain Mining Corp. and Anthem United Inc. have unanimously approved the transaction and also approved the change of name of Lowell Copper to JDL Gold Corp. on September 28, 2016. Supreme court of British Columbia approved the deal on October 5, 2016.
The transaction is expected to be completed in late September 2016. Ross Glanville & Associates Ltd. acted as fairness opinion provider to Lowell Copper and its board of directors. Evans & Evans, Inc. acted as fairness opinion provider to Gold Mountain and its board of directors.
Lowell Copper Ltd. (TSXV:JDL) completed the acquisition of Gold Mountain Mining Corporation (TSXV:GUM) on October 6, 2016. Lowell Copper changed its name to JDL Gold Corp.