08:56 AM EST, 02/14/2024 (MT Newswires) -- Vizsla Copper Corp. (TSXV: VCU) entered Wednesday into a definitive arrangement agreement dated February 13, 2024 with Universal Copper Ltd. (TSX.V: UNV) whereby Vizsla Copper will acquire all of the issued and outstanding common shares of UNV pursuant to a plan of arrangement.
A statement noted UNV is a Canadian-based copper exploration company focused on the acquisition and exploration of copper properties, including its flagship Poplar Project, one of the most advanced pre-production copper projects in British Columbia.
Under the terms of the arrangement agreement, all of the issued and outstanding UNV shares will be exchanged for Vizsla Copper common shares on the basis of 0.23 Vizsla Copper Shares for each UNV share. Pursuant to the arrangement, Vizsla Copper expects to issue an aggregate of approximately 32,659,742 Vizsla Copper Shares to current UNV shareholders. Upon completion of the arrangement, current UNV shareholders will own approximately 23.3% of the 140,314,107 issued and outstanding Vizsla Copper Shares.
"With unprecedented demand for copper globally on the horizon, I'm very pleased that we've been able to execute again on our strategy of acquiring promising assets during a period of challenging junior equity markets," said Craig Parry, Executive Chairman. "Poplar perfectly complements our other BC-based assets and will add incredible value due to its size, grade and location in a safe and stable jurisdiction."
Steve Blower, Vice President, Explorationm added: "Poplar is a large, undeveloped porphyry-related copper and gold deposit in an easily accessible location with great infrastructure. Mineralization extends to the top of bedrock beneath minimal overburden, and UNV's recent drilling results....are impressive."