MTB Metals and ExGen Resources Forge Strategic Alliance
VANCOUVER, British Columbia – MTB Metals Corp. (TSXV: MTB, OTCQB: MBYMF, Frankfurt: M9U) and ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) have taken a significant step forward by announcing a strategic plan of arrangement. This move is set to reshape their futures and strengthen their positions in the mining industry.
Major Shareholder Support
During a recent special meeting, titled the Meeting, MTB’s shareholders and optionholders gathered and voiced overwhelming support for this arrangement. An impressive 94.31% of votes cast at the meeting approved the transaction, demonstrating strong backing from MTB's securityholders.
What the Arrangement Means
This arrangement signifies ExGen's acquisition of all issued securities of MTB. For every share held in MTB, shareholders will receive 0.286 common shares of ExGen, creating a new powerhouse in the mining sector.
Upcoming Changes and Expectations
The successful completion of this arrangement is contingent on standard closing conditions, including approval from the TSX Venture Exchange (TSXV). It is anticipated that the arrangement will finalize shortly, with MTB shares expected to be delisted from the Venture Exchange soon thereafter.
Exploring New Opportunities
Since its inception, MTB has successfully advanced two significant copper-gold projects located within the revered Golden Triangle in British Columbia. Their premier project, Telegraph, is strategically positioned near four notable porphyry deposits, all undergoing exploration or mining by large-scale mining firms. Additional fieldwork has reinforced the potential for similar deposits in the area.
On the other hand, their Southmore project spans 50 square kilometers and has shown promising copper and gold occurrences. Surface samples report outstanding results, including a remarkable 12.7% copper and a noteworthy 29.4 grams per ton of gold, which underline the project’s potential.
MTB Metals Corp: A Closer Look
MTB is not just about current operations; it also owns royalties on four notable projects in the area, including two that have previously seen production. This strategic positioning within the mining ecosystem enhances their competitive edge in the sector.
About ExGen Resources
ExGen Resources stands out as a proactive project accelerator. Their innovative approach focuses on exploring funding avenues through joint ventures and strategic partnerships to minimize risks while maximizing potential rewards. Currently, ExGen boasts seven active projects across Canada and the United States, showcasing their commitment to having a diverse portfolio that spans various stages of exploration.
Leadership and Future Directions
The decision to enter this arrangement underscores a shared vision between MTB and ExGen. Lawrence Roulston, President & CEO of MTB, emphasizes the strategic advantages this partnership brings. Meanwhile, Jason Riley, President & CEO of ExGen Resources, reiterates the importance of reducing financial risks while positioning both companies for future success.
Frequently Asked Questions
What is the main goal of the arrangement between MTB and ExGen?
The primary goal is for ExGen to acquire all outstanding securities of MTB, thus forming a stronger entity in the mining sector.
What percentage of shareholders supported the plan?
94.31% of the votes cast by shareholders favored the arrangement, reflecting strong support.
What will happen to MTB’s shares after the arrangement?
MTB shares are expected to be delisted from the TSX Venture Exchange following the completion of the arrangement.
What is the timeline for the completion of the arrangement?
The arrangement is anticipated to conclude shortly, pending standard regulatory approvals.
How does ExGen plan to manage its mining projects?
ExGen aims to fund their projects via joint ventures, reducing risks while increasing opportunities for discovery and cash flow.