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Pacific Topaz closes Western Atlas takeover, changes name

Pacific Topaz Resources Ltd. said June 18 that it completed its acquisition of privately held Western Atlas Resources Inc.

In connection with the transaction, the company rebranded as Western Atlas Resources Inc., with its shares expected to start trading on the TSX Venture Exchange June 20.

Former Western Atlas shareholders will hold around 71.3% of the issued and outstanding shares in the capital of the resulting issuer.

The company also completed its previously announced nonbrokered private placement of 10 million subscription receipts priced at 20 Canadian cents apiece to raise a total of C$2 million.

Additionally, the company's board now comprises Fabio Capponi, Jose Franciso Arata, Michael Galego Dacosta and Serafino Iacono. Capponi was named as CEO while Susan Rubin will assume the role of CFO.

The company will also change its financial year-end from Nov. 30 to Dec. 31.

Western Atlas holds the rights to a package of claims in the Meadowbank and Committee Bay regions of Nunavut, Canada.