Vizsla Copper to Acquire Consolidated Woodjam Copper in Strategic Deal
Vancouver, British Columbia -- September 8 2022 -- NewsGenie -- Vizsla Copper Corp. (TSXV: VCU) and Consolidated Woodjam Copper Corp. (TSXV:WCC) have entered a definitive arrangement agreement for Vizsla Copper to acquire all outstanding common shares of WCC. The arrangement promises strong expansion and discovery potential, combining WCC’s projects with Vizsla Copper’s Blueberry and Carruthers Pass properties.
WCC shareholders will gain exposure to Vizsla Copper’s experienced management and board, backed by Inventa Capital. Bill Morton and Glen Garratt will become strategic advisors, ensuring a smooth transition with their extensive knowledge.
Post-arrangement, Vizsla Copper will have approximately C$3.5 million in cash to fund exploration across the combined properties. Both boards of directors have unanimously approved the Arrangement Agreement, with the WCC board recommending shareholders vote in favor.
WCC CEO Bill Morton stated that the acquisition should lead to aggressive exploration of WCC’s existing properties. "The Vizsla Copper team has years of technical and capital market experience, which we believe will lead to new copper discoveries and increased value for shareholders," he said.
Vizsla Copper will consolidate its common shares before the Arrangement, with one post-consolidation share for every 3.5 pre-consolidation shares. Under the agreement, each WCC Share will be exchanged for 0.307206085 Vizsla Copper Shares. Vizsla Copper expects to issue about 43,417,026 shares to WCC shareholders, who will then own approximately 65% of the outstanding Vizsla Copper Shares.
The Arrangement includes standard non-solicitation provisions and is subject to customary conditions. WCC would be required to pay Vizsla Copper a $750,000 termination fee under specific circumstances.
The transaction requires approval from 66 2/3% of WCC shareholders, a simple majority excluding certain related votes, and the TSX Venture Exchange. WCC's stock options will be exchanged for Vizsla Copper options, and warrants will become exercisable for Vizsla Copper shares, adjusted by the Exchange Ratio.
Details will be in WCC’s information circular, expected to be mailed in October 2022, with closing anticipated in the fourth quarter of 2022. The Arrangement Agreement will be available on Vizsla Copper’s SEDAR profile.
Glen Garratt, P. Geo., is the qualified person responsible for this release.