On April 21, 2016, Kootenay Silver Inc. completed its acquisition of Northair Silver Corp., a reporting issuer listed on the TSX Venture Exchange, which owned a 100% interest in the La Cigarra project in Mexico. The acquisition of Northair Silver was completed by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which each outstanding share of Northair was exchanged for 0.35 of a common share of Kootenay Silver and 0.15 of a common share purchase warrant of Kootenay Silver. The warrants issued under the acquisition were listed for trading on the TSX Venture Exchange concurrent with the closing of the acquisition. Based on the closing price of Kootenay Silver’s shares on April 20, 2016, the last trading day prior to the completion of the acquisition, the common shares of Kootenay Silver issued pursuant to the acquisition were valued at approximately $20.7 million.
Kootenay Silver is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Kootenay Silver’s shares trade under the symbol “KTN” on Tier 1 of the TSX Venture Exchange.