Cascadia Minerals And Granite Creek Copper Announce Merger
Deal News | Jun 09, 2025 | EIN
Granite Creek Copper Ltd. and Cascadia Minerals Ltd. announced a definitive merger agreement where Cascadia will acquire all issued shares of Granite Creek in exchange for shares of Cascadia. This transaction aims to create a leading copper-gold exploration company in Yukon. The exchange offers Granite Creek's shareholders a 48% premium based on recent trading prices. New explorative potential will be leveraged at the Carmacks Project with planned expansions and a robust pipeline of projects. The business combination will streamline overheads and remove duplicative costs while leveraging the experience of Cascadia's management. The transaction, which includes a reciprocal termination fee and requires regulatory approvals, is anticipated to close by July 2025.
Sectors
- Mining and Metals
- Natural Resources
Geography
- Canada – Both companies are based in Canada, with projects primarily located in the Yukon region.
Industry
- Mining and Metals – This industry is directly relevant as both Cascadia Minerals and Granite Creek Copper are involved in copper and gold mining and exploration.
- Natural Resources – Both companies are engaged in the development of natural resource deposits, particularly in the extractive industries sector focusing on minerals.
Financials
- $0.04 – Value per Granite Creek share based on exchange with Cascadia's closing price.
- 48% – Premium offered to Granite Creek's 5-day volume-weighted average trading price.
- $2.5 million – Total cash balance of Cascadia post-transaction.
- $375,000 – Non-interest-bearing bridge loan provided by Cascadia to Granite Creek.
- $521,000 – Indebtedness Granite Creek intends to settle in exchange for shares.
- 651 Mlbs copper, 302 koz gold – Measured and indicated resources at the Carmacks Project.
- $230.5M – Post-tax NPV for the Carmacks Project as per 2023 PEA.
- 29% – Post-tax IRR for the Carmacks Project according to 2023 PEA.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cascadia Minerals Ltd. | Bidding Company | Company | A junior mining company focused on copper and gold exploration in Yukon and British Columbia. |
| Granite Creek Copper Ltd. | Target Company | Company | A mining company focused on copper and gold exploration, primarily known for the Carmacks Project in Yukon, Canada. |
| Stikeman Elliott LLP | Legal Advisor to Cascadia | Company | A law firm providing legal services for the transaction. |
| Sangra Moller LLP | Legal Advisor to Granite Creek | Company | A law firm providing legal services for the transaction. |
| Evans & Evans Inc. | Provides Fairness Opinion | Company | Investment firm providing financial opinion on the transaction for Granite Creek's board. |
| Tim Johnston | President and CEO of Granite Creek | Person | Oversees the operations at Granite Creek and its integration into Cascadia. |
| Graham Downs | President and CEO of Cascadia | Person | Leads Cascadia Minerals and spearheaded the merger deal. |