New Oroperu Resources Inc (TSX-V:ORO) said it has received approval from the shareholders of both companies for its business combination with First Light Capital Corp.
The newly-merged entity will become an Americas-focused gold company known as Anacortes Mining Corporation, with its flagship asset being the Cruces project in Peru - one of the highest-grade gold oxide deposits in the world with 2.5 million ounces of oxide plus sulphide gold at a grade of 1.65 grams per tonne (g/t).
New Oroperu said the new company will be well financed, having raised more than C$22 million (in gross proceeds) in a private placement that closed on July 21, 2021.
READ: New Oroperu Resources and First Light complete C$22M financing as part of Anacortes Mining combination deal
It added that Anacortes Mining will be led by seasoned mining executive Jim Currie as CEO, who intends to advance Tres Cruces to a feasibility study beginning after the close of the transaction.
New Oroperu also noted that Anacortes intends to work towards expanding the resource base at Tres Cruces with an aggressive drilling program and to evaluate additional strategic opportunities as they become available.
The completion of the merger transaction remains subject to the conditions set forth in the arrangement agreement, including TSX Venture Exchange approval.
Both New Oroperu Resources and First Light Capital anticipate completing the transaction within the next few weeks.
Contact Sean at sean@proactiveinvestors.com