On June 5, 2023, Benchmark Metals Inc. and Thesis Gold Inc., both TSXV-listed issuers, announced the execution of an arrangement agreement, pursuant to which Benchmark will acquire all of the issued and outstanding common shares of Thesis by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia).
Upon completion, the transaction will create one of the largest precious metals development and exploration companies in the Toodoggone Mining District of British Columbia, consolidating two significant gold exploration projects.
Under the terms of the transaction, holders of Thesis common shares will receive 2.5584 of a common share of Benchmark for each Thesis share held. Existing shareholders of Benchmark and Thesis will own approximately 60% and 40%, respectively, of the pro forma shares of the combined company on the completion of the transaction.
Cassels acted for the special committee of Benchmark.