Canadian Energy Materials Corp. said Sept. 18 that it agreed to acquire CIN Energy Materials Inc. in an all-scrip deal.

CIN Energy owns the Grindstone copper-nickel-cobalt, comprising 3,846 hectares, in New Brunswick.

The transaction requires Canadian Energy to issue 12 million shares in exchange for the entire share capital of CIN Energy, which will then become the company's wholly owned subsidiary.

Additionally, Canadian Energy will undertake two private offerings to raise C$1.5 million, with the proceeds earmarked for the company's exploration projects.