Macdonald Mines and Canuc Resources Update Shareholders on Merger Progress
Toronto, Ontario -- March 26, 2025 -- NewsGenie -- Macdonald Mines Exploration Inc. and Canuc Resources Corporation have updated shareholders on their previously announced transaction. The special meeting to approve the statutory arrangement is set for March 31, 2025, at 10 a.m. Vancouver time.
Due to additional information, Macdonald Mines will accept proxies until 8 a.m. Vancouver time on March 31, 2025. Shareholders can revoke proxies following the steps in the management information circular dated February 19, 2025, available on SEDAR+.
Macdonald Mines clarified that CFO Fiona Fitzmaurice is entitled to $120,000 termination pay only if her position is terminated upon a completed "change of control" transaction. All her stock options are vested, and there are no "collateral benefits" under Multilateral Instrument 61-101 for Ms. Fitzmaurice or any other related party.
Chris Berlet's shares, CEO and a director of Canuc, will be excluded from voting tallies at the Meeting.
Macdonald Mines provided additional background on the Arrangement noting that they first met Chris Berlet through tailings consulting services on the SPJ Property, resulting in a 4.0% NSR royalty agreement. In 2023 and 2024, the Company attempted to secure private placement financing on numerous occasions, but without any success. In the summer of 2024, Mr. Berlet, as a representative of Canuc, met with representatives of the Company to discuss potential business dealings. Management believes the Arrangement terms represent high and fair value given the Company's financial position.
Shareholders can find supplemental Canuc disclosure documents on Macdonald Mines' SEDAR+ profile, including financial statements, MD&A reports, and news releases.
Canuc is focused on exploration at its San Javier silver-gold-copper project in Mexico, with plans for continued surface mapping, sampling, and geochemical analysis. A focused diamond drilling campaign is anticipated in late 2025 or early 2026, pending financing, with an estimated cost between $250,000 and $500,000.
As a condition of the proposed Transaction, Canuc is required to complete a private placement financing of a minimum of $500,000. Currently, Canuc expects to close on or before the closing of the Transaction, of units ("Units") consisting of one share of Canuc and one half of one common share purchase warrant. The Units are priced at $0.10 per Unit. Each whole warrant exercisable to acquire one common share of Canuc at $0.15 per share for a period of two (2) years. Canuc anticipates minimum private placement of $2,200,000 and maximum $3,200,000.
MacDonald Mines explores for critical and precious metals in Northern Ontario, while Canuc Resources focuses on the San Javier Silver-Gold Project in Mexico and generates cash flow from natural gas production in Texas.
"Mike England"
Mike England, CEO & Director