Two of Northern Ontario's base metal junior exploration firms, URSA Major Minerals and Canadian Arrow, have decided to match their mutual interests by exploring the idea of a potential merger.
The two firms have entered into an agreement, with Canadian Arrow granting URSA Major an exclusivity period to complete due diligence and a definitive agreement for a merger of the two companies.
Currently, the terms for the proposed transaction involve issuing one share of URSA for every 1.5 shares of Canadian Arrow, with all options and warrants following the same ratio.
The new board of directors would include five members, with three from Ursa and two from Canadian Arrow. URSA CEO Richard Sutcliffe would continue in his current role and as chairman, while Canadian Arrow President Kim Tyler would serve as President and COO of the combined company.
The combined company would also have more than 200 million pounds of contained nickel in reserves and resources, with the potential for 7,000 tonnes of payable nickel and 6,800 tonnes of payable copper per year.
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