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Lowell Copper, Gold Mountain, Anthem complete merger into JDL Gold Corp.


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Lowell Copper, Gold Mountain, Anthem complete merger into JDL Gold Corp.

Lowell Copper Ltd., Gold Mountain Mining Corp. and Anthem United Inc. completed their previously planned business combination to form JDL Gold Corp., a new company focused on gold and copper, according to an Oct. 6 release.

Shareholders of Gold Mountain and Anthem United received 1.032 and 0.774 of a pre-consolidated common share in Lowell Copper for each share held, with immediate effect.

Convertible security holders of both Gold Mountain and Anthem will be entitled to acquire the same number of Lowell Copper shares based on their respective exchange ratios.

In relation to the transaction, JDL Gold consolidated its share capital on a 6.45-for-1 basis with corresponding adjustments to its convertible securities.

Greg Smith has been appointed as CEO while Kylie Dickson assumed the CFO role. The board includes J. David Lowell, Catherine McLeod-Seltzer, Marcel de Groot, James O'Rourke, Matthew Hornor and Greg Smith.

Following completion of the merger, JDL Gold has about C$65 million in cash and a diversified portfolio of gold and copper assets in the Americas.

Separately, the companies on Oct. 4 completed the two-tranche private placement, raising gross proceeds of about C$60.5 million, via a nonbrokered placement of 30,240,691 subscription receipts priced at C$2 apiece.