Vizsla Resources Corp. said Dec. 18 that it struck a definitive deal to acquire private British Columbia company NorthBase Resources Inc.
As a result, NorthBase will become a wholly owned subsidiary of the company.
Under the deal terms, NorthBase shareholders will receive 1 share of Vizsla in exchange for each share held. Vizsla will issue a total of 9,100,001 common shares.
NorthBase controls the district-scale Blueberry property, which covers 20,265 hectares in the Babine porphyry copper district in central British Columbia.
Craig Parry, a co-founding shareholder of NorthBase, will join the Vizsla board. Parry is also the President & CEO of IsoEnergy Ltd., co-founder and director of NexGen Energy Ltd. and a senior advisor and a founding-shareholder of EMR Capital.
In connection with Parry's appointment, Hugh Rogers will resign from Vizsla's board. Additionally, Jen Hanson replaced Anna Pagliaro as corporate secretary.
The transaction is subject to various conditions, including the receipt of all required regulatory approvals and satisfaction of other customary closing conditions.
Vizsla, which completed an IPO on the TSX Venture Exchange in September, will continue to advance an exploration program at its core asset, the Kathleen Mountain property in British Columbia.