Aurion Resources (TSX-V:AU) Ltd updated shareholders on new developments at Strategic Resources, in which Aurion is a shareholder by way of an earn-in agreement on the Silasselkä vanadium project in northern Finland.
Earlier in December, Strategic announced that it has entered into an agreement to merge with BlackRock Metals, which owns a 100%-interest in the BlackRock vanadium-titanium-iron project in Quebec.
The transaction takes the form of a reverse takeover of Strategic, with an implied share price of C$0.50 per share for a premium of approximately 56% to the 20-day volume-weighted average price.
READ: Aurion Resources reveals exploration update on its Risti property in Finland; identifies 20 high priority targets
A feasibility study on the BlackRock vanadium-titanium-iron project shows an after-tax net present value at an 8% discount of C$1.93 billion, Aurion noted.
Aurion CEO Matti Talikka congratulated Strategic Resources and BlackRock Metals on behalf of the company.
“The combination of a Ross Beaty led Lumina Group company with the world-class BlackRock project is expected to result in an industry leading critical metals company,” Talikka said in a statement.
Toronto-based Aurion is a project generator with a portfolio of early-stage exploration projects.
Aurion's current focus is exploring its Risti and Launi projects, as well as advancing its joint venture properties with B2Gold and Kinross in Finland.
Contact Angela at angela@proactiveinvestors.com
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