Vancouver, British Columbia Aug 9, 2022 (Issuewire.com) - VANCOUVER, BC – August 4, 2022 – 1207382 B.C. Ltd. the “Resulting Issuer” or “Company”) is pleased to announce that, on August 2, 2022, it completed a reverse acquisition transaction through a share exchange with Grand Pacific Resources Corp. (“Grand Pacific”) and its security holders (the “Transaction”).
Reverse Acquisition
The Transaction was completed pursuant to a Share Exchange Agreement (dated for reference on March 18, 2022) pursuant to which the Company has acquired all the issued and outstanding shares of Grand Pacific in consideration for the issuance and share exchange, on a one-for-one basis, of 17,720,000 common shares, and warrants to purchase 12,247,000 common shares in the capital stock of the Resulting Issuer.
With the completion of the Transaction, Grand Pacific has become a wholly-owned subsidiary of the Resulting Issuer and will continue to carry on business as an exploration stage mineral resources company. As a result of the Transaction, the former shareholders of Grand Pacific hold approximately 67.57% of the issued and outstanding common shares of the Resulting Issuer on a non-diluted basis.
Following the completion of the Transaction, the Resulting Issuer has 26,222,104 issued and outstanding common shares, and outstanding warrants to purchase an additional 12,247,000 common shares.
The Resulting Issuer intends to change its name to "Grand Pacific Resources" or another name acceptable to regulatory authorities to reflect the new business of the Resulting Issuer.
About Grand Pacific Resources Corp.
Grand Pacific Resources Corp. is a privately held British Columbia corporation engaged in the evaluation, acquisition, and development of early-stage mineral projects. Grand Pacific’s flagship project is the Chapais Property, located approximately 400km northwest the town of Val D’Or, in the province of Quebec, Canada. The Chapais Property consists of 36 mineral exploration claims that cover 1560.18 hectares (15.6 km2) of surface area. The Chapais Property lies within Chapais mining district, the Chapais-Chibougamau mining camp, and its mineralization style is part of Opemiska type copper-gold vein typology. Grand Pacific holds a 51% beneficial interest in the Chapais property, and an option to purchase up to 100% of the remaining interest, subject to a 2% net smelter royalty.
New Board and Management
As a result of the Transaction, the former directors and officer of the Company, Patrick Brown, Arash Farahmand, and J. Scott Munro have resigned. Nowak, the former sole officer and director of Grand Pacific, will serve as President, Chief Financial Officer, Chief Executive Officer, and as a Director of the Resulting Issuer. He is joined on the board of directors by Shane Lowry and Owen King