Caneda (Commonwealth Union) _ The definitive amalgamation agreement between Abcourt Mines Inc. and Pershimex Resources Corporation was announced on November 18, 2022. Abcourt has agreed to acquire all of the issued and outstanding common shares of Pershimex under the terms of the agreement, which will result in a massively diversified emerging gold producer and explorer in Quebec with one of the largest property portfolios among gold explorers across major gold districts in the province. Under the Canada Business Corporations Act, the deal is being completed through a three-cornered merger.
In connection with the deal, Abcourt plans to consolidate its shares seven to one in its ordinary stock. The number of outstanding Abcourt shares will drop from 348 814 130 to 49 830 590 as a result of the planned consolidation. Abcourt also plans to alter its trade symbol to “IN” and its name to “Infinitas Gold Inc./Infinitas Or Inc.”
“We are quite delighted to see the Board of Pershimex endorse the deal,” said Pascal Hamelin, president and chief executive officer of Abcourt. “With the Sleeping Giant Mine and Mill, we have the chance to acquire a sizable number of gold-related assets, several gold exploration projects, and a gold project in advanced development.”
For his part, the President and CEO of Pershimex, Robert Gagnon, said: “With this major Transaction to come, our company will move to another level. From a modest explorer, we will soon become a gold producer established in Abitibi with two gold mines, an ore processing plant, and one of the largest claim portfolios in Abitibi. Our team did a commendable job, and we should be proud of it, in order to complete this project.” A variety of projects in Quebec that will place Infinitas in the best possible position for the medium-term environment of high gold prices, according to the company, he further stated.
