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Skeena Resources closes C$4.5M purchase of Mount Rainey Silver

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Skeena Resources closes C$4.5M purchase of Mount Rainey Silver

Skeena Resources Ltd. said Sept. 23 that it completed the previously announced acquisition of Mount Rainey Silver Inc. in an all-share deal valued at C$4.5 million.

Skeena issued 5.65 of its common shares in exchange for each Mount Rainey share held for a total of 25,089,576 common shares. Former Mount Rainey shareholders now hold approximately 4.8% of Skeena shares on an undiluted basis.

In connection with the deal, Skeena, Mount Rainey Silver, Raimount Oil & Gas Inc. and Manitok Energy Inc. entered into an agreement, pursuant to which Mount Rainey Silver acquired the Glacier Creek claims in British Columbia from Raimount.

The deal extinguished existing liabilities aggregating about C$160,000 owing from Mount Rainey Silver to Raimount, in exchange for the issuance of 1,450,000 Skeena shares to Raimount.