On June 24, 2018, CopperBank Resources Inc. (“CopperBank”) announced that it had entered into an arrangement agreement to acquire Redhawk Resources Inc. (“Redhawk”), a reporting issuer listed on the NEX board of the TSX Venture Exchange, which holds the Copper Creek Project located in Arizona (the “Arrangement”).
On August 31, 2018, CopperBank completed the Arrangement and acquired all of the issued and outstanding shares of Redhawk. The acquisition of Redhawk was effected by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which each outstanding share of Redhawk was exchanged for approximately 0.929 common shares of CopperBank (“CopperBank Shares”). As a result of the Arrangement, Redhawk became a subsidiary of CopperBank and a total of 66,047,090 CopperBank Shares were issued to the former shareholders of Redhawk, representing 25% of the outstanding CopperBank Shares on a post-Arrangement basis.
CopperBank is a Canadian exploration mining company focused on energy related metal exploration. CopperBank holds an advanced portfolio of copper development assets located in the United States, including the Contact Copper project in Nevada, the Pyramid and San Diego Bay projects in Alaska, and the Copper Creek project in Arizona.
Further details regarding the Arrangement and CopperBank can be found on CopperBank’s website. CopperBank trades under the symbol “CBK” on the Canadian Securities Exchange.