Merger forms new Canada-focused critical minerals developer
ASX-listed Mont Royal Resources and TSX-V-listed Commerce Resources have completed their merger, creating a Quebec-focused critical minerals exploration and development company.
The transaction, first announced in April and completed under a court-approved plan of arrangement, sees Mont Royal acquire all issued and outstanding shares of Commerce Resources. The combined company will be dual listed on the ASX and TSX-V.
The merger consolidates a portfolio of critical mineral assets in northern Quebec, including Commerce’s Ashram rare earths and fluorspar project, the Eldor niobium project and Mont Royal’s Northern Lights lithium project in the James Bay region.
As part of the deal, Commerce shareholders received 2.3271 Mont Royal shares for each Commerce share held, followed by a share consolidation of 0.2195 new shares for every preconsolidation share. Outstanding options, warrants and performance share units were adjusted accordingly.
Mont Royal also completed a A$10-million equity raising in conjunction with the transaction, with proceeds to advance the preliminary economic assessment at Ashram, as well as the Eldor and Northern Lights projects.
The merged company’s board of directors includes chair Cameron Henry, directors Jeremy Robinson, Adam Ritchie, and Ronnie Beevor, and MD Nick Holthouse. Joel Ives has been appointed CFO and corporate secretary.
Mont Royal described the new entity as well positioned to advance Canada’s critical minerals supply chain, with projects targeting rare earths, niobium, fluorspar and lithium in a Tier 1 jurisdiction.
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