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Pacific Topaz acquiring privately held explorer Western Atlas Resources

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Pacific Topaz acquiring privately held explorer Western Atlas Resources

Pacific Topaz Resources Ltd. said March 16 that it signed a nonbinding letter of intent to acquire privately held mineral exploration company Western Atlas Resources Inc. Closing is anticipated within 50 to 75 days, subject to various approvals.

The company is planning a 2-for-1 share consolidation ahead of the merger as well as a private placement to raise at least C$3 million.

Under the letter agreement, Western Atlas shareholders will exchange their holdings at an expected ratio of 1.2410 post-consolidation Pacific Topaz shares for each Western Atlas share held.

The company will become a wholly owned subsidiary of the resulting issuer, which will change its name from Pacific Topaz to Western Atlas or another acceptable name.

The takeover target holds the rights to a package of claims in the Meadowbank and Committee Bay regions of Nunavut, Canada, some of which are contiguous to Agnico Eagle Mines Ltd.'s Meadowbank gold mine.

The resulting entity's board will comprise Fabio Capponi, who will also serve as CEO, along with José Francisco Arata, Michael Galego Dacosta and Serafino Iacono.