In a press release today, Constantine Metals Resources communicated that the company is being bought by American Pacific Mining Corp, also referred to as AmPAc. The purchase agreement had been in the works for some time. Constantine Shareholders recently voted to go ahead with the agreement. The Supreme Court of British Columbia is expected to take a decision this week on the transaction, if approved, Constantine shares will cease to be traded and its shareholders will be issued Am Pac shares.
According to its website, American Pacific Mining Corp. is a company focused on precious metal extraction in the Western United States. It owns the Madison Mine in Montana, as well as the Gooseberry Gold-Silver Project and the Tuscarora Gold Project in Nevada.
It is unclear what the purchase will mean for the operations at the Palmer project, and company representatives could not be reached before air time.
Correction: an earlier version of this story wrongly stated a decision of the Supreme Court of Canada was expected, the decision is taken by the Supreme Court of British Columbia.
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