Granite Creek Copper Ltd. entered into a definitive agreement to acquire remaining 69.6% stake in Copper North Mining Corp. for CAD 3.6 million.
Upon completion of arrangement, Granite Creek will add two nominees from Copper North to its Board of Directors, John Cumming and Loy Chunpongtong, will be nominated and appointed to the board of directors of Granite Creek. A special committee comprised of independent directors of Copper North has been established. Completion of the arrangement is subject to customary conditions, receipt of required regulatory approvals, court approvals, TSX venture approval and approval from shareholders of Copper North. Granite Creek shall have obtained the Granite Creek Shareholder Approval ;approval of the listing on the TSX-V of the Consideration Shares and the Granite Creek Shares issuable pursuant to the exercise of the CNM Options and the CNM Warrants, subject only to satisfaction of the customary listing conditions of the TSX-V, written full and final resignations, effective as of the Effective Date, from each of the directors and officers of CNM and its Subsidiaries; holders of no more than 5% of the CNM Shares, in the aggregate, shall have exercised Dissent Rights. The special meeting of Copper North's shareholders will be held on November 13, 2020. The Board of Directors of Granite Creek and Copper North have each unanimously approved the transaction. As of November 18, 2020, Supreme Court of British Columbia approved the transaction. The final order follows shareholder approval of the Arrangement at Copper North's shareholder meeting held on November 13, 2020. The Annual General and Special Meeting for the shareholders of Granite Creek Copper Ltd. is scheduled for December 17, 2020. The arrangement is expected to close in the fourth quarter of 2020. As of November 18, 20200, the transaction is expected to close on or about November 30, 2020. Sean K. Boyle of Blake, Cassels & Graydon LLP acted as legal advisor for Copper North. Gary S. Gill of Sangra Moller LLP acted as legal advisor for Granite Creek. Evans & Evans, Inc. acted as financial advisor and fairness opinion provider for Copper North. Odyssey Trust Company acted as depository and transfer agent for Granite Creek.