Gold and copper exploration company, ASX-listed MinRex Resources (ASX:MRR) and TSX-V-listed Electrum Discovery have agreed to merge in a transaction structured as a merger of equals.
The deal, implemented via a statutory plan of arrangement under the Business Corporations Act (British Columbia), positions the merged entity as a dual-jurisdiction explorer with advanced projects in Serbia and Australia and a combined pro-forma market capitalisation of approximately $28 million.
The merged group will hold a diversified portfolio of gold and copper assets, including Electrum’s Tlamino Gold Project in Serbia, which hosts near-surface inferred resources of 670,000 ounces gold equivalent at 2.9 g/t AuEq, and MinRex's Sofala Gold Project in New South Wales, Australia, with over 350,000 ounces of inferred gold at 1.6 g/t.