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Sun Peak Metals ( (TSE:PEAK) ) has provided an update.
Sun Peak Metals Corp. has entered into a definitive agreement to acquire Saudi Discovery Company SPV Limited by issuing 58,065,356 common shares to SDC shareholders. This acquisition will result in Sun Peak shareholders owning approximately 60% and former SDC shareholders owning 40% of the combined entity. The transaction, which is a related party transaction, is subject to regulatory and shareholder approvals and is expected to close in early December. This strategic move is anticipated to enhance Sun Peak’s market position by expanding its exploration footprint into Saudi Arabia, aligning with the country’s Vision 2030 initiative.
More about Sun Peak Metals
Sun Peak Metals Corp. is focused on advancing the Shire VMS Project in the Tigray Region of northern Ethiopia, covering six exploration licenses within the Arabian-Nubian Shield, a geologically significant area. Saudi Discovery Company is an exploration company working on high-potential mineral projects in Saudi Arabia, aligned with Vision 2030.
Average Trading Volume: 53,450
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$33.1M
See more data about PEAK stock on TipRanks’ Stock Analysis page.