Thistle Resources (TSX-V:TRCG) announced that it has completed its qualifying transaction, allowing its shares to resume trading on the TSX Venture Exchange as a Tier 2 mining issuer.
The transaction, finalized through a three-cornered amalgamation, saw Thistle, formerly St. Davids Capital Inc., acquire all outstanding shares of Thistle Resources Corp. (TRC), which now operates as a wholly owned subsidiary.
As part of the deal, the company issued more than 40 million shares to former TRC shareholders, who now hold a controlling stake of roughly 66% in the combined entity.
Following the completion of the transaction and a concurrent financing, Thistle has approximately 60.7 million shares outstanding. Existing shareholders of the company prior to the deal hold about 8.4%, while participants in the financing account for the remaining 25.4%.
Trading in Thistle’s shares, which had been halted pending completion of the transaction, is expected to resume around May 5 under the ticker symbol ‘TRCG.’
Alongside the transaction, Thistle raised approximately $3.4 million through a mix of flow-through and non-flow-through units priced between $0.20 and $0.25. The funds are expected to support early-stage exploration work at the company’s Middle River property, as well as ongoing activities at its Celtic Highlands project and general corporate purposes.
Following the completion of the deal, the company’s leadership team was reconstituted. Patrick Cruickshank has been appointed chief executive officer and president, with Remantra Sheopaul as chief financial officer and Gary Lohman as chief operating officer. Cruickshank and Lohman emerged as significant shareholders, holding approximately 23.9% and 13.3% of the company’s shares, respectively.
Thistle Resources is focused on advancing precious metals and critical minerals projects in Atlantic Canada, with exploration activities centered in New Brunswick’s Bathurst Mining Camp and Nova Scotia’s Cape Breton Highlands.