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    Home»Mining & Resources»Greenridge Exploration Signs Binding Arrangement Agreement for Acquisition of ALX Resources Corp.
    Mining & Resources

    Greenridge Exploration Signs Binding Arrangement Agreement for Acquisition of ALX Resources Corp.

    Alexander LeeBy Alexander LeeOctober 11, 2024Updated:October 11, 2024No Comments2 Mins Read
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    NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

    October 11, 2024 2:12 PM EDT | Source: ALX Resources Corp.

    Vancouver, British Columbia–(Newsfile Corp. – October 11, 2024) – Greenridge Exploration Inc. (CSE: GXP) (FSE: HW3) (“Greenridge” or the “Company“) and ALX Resources Corp. (“ALX” and collectively with Greenridge, the “Parties”) (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) are pleased to announce the signing of a binding arrangement agreement (the “Arrangement Agreement”) dated October 11, 2024. This agreement outlines Greenridge’s acquisition of all outstanding and issued common shares of ALX, leading to the formation of a prominent Canadian uranium exploration company with interests in sixteen (16) uranium exploration projects totaling approximately 220,000 hectares in key Canadian uranium districts.

    The transaction is structured such that each common shareholder of ALX will receive 0.045 common shares of Greenridge in exchange for each ALX common share held. The resulting combined entity will have existing Greenridge and ALX shareholders owning approximately 75.2% and 24.8%, respectively, of the common shares.

    The strategic rationale behind the transaction includes the creation of a leading and diversified Canadian explorer of strategic metals, consolidation of ownership in the Carpenter Lake Project, and the addition of one of the largest uranium property portfolios in the Athabasca Basin. The pro forma combined entity is expected to have a market capitalization of approximately C$35 million.

    Furthermore, the Transaction Conditions and Timing indicate that the transaction will be subject to various approvals, including ALX Shareholder approval and regulatory approvals.

    Upon completion of the Transaction, the Board of Directors of Greenridge will be refreshed to include Warren Stanyer, CEO of ALX, as President and Director alongside the existing directors. Russell Starr will continue to serve as Chief Executive Officer and Director of the combined entity.

    The ALX Board has unanimously recommended the Transaction to ALX Shareholders, and all necessary details and information will be provided in the management information circular of ALX in connection with the upcoming ALX Meeting.

    The technical information on ALX properties has been reviewed and approved by a Qualified Person, while Greenridge properties have been reviewed by another Qualified Person in accordance with Canadian regulatory requirements.

    In summary, the transaction between Greenridge Exploration Inc. and ALX Resources Corp. presents a significant opportunity for both companies to consolidate their strengths and create a leading Canadian uranium exploration company.

    SOURCE: ALX Resources Corp.

    acquire agreement alx arrangement exploration greenridge resources
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    Alexander Lee
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    Alexander is the founder and author of Microcaps.ca, a leading resource for investors interested in the micro-cap stock market. With a passion for uncovering hidden gems in the world of small-cap stocks, Alexander combines in-depth research with years of experience in the financial markets to provide readers with valuable insights and timely analysis. Investors should conduct their own research or consult with a qualified investment advisor before making any investment decisions. The author of this article is not responsible for any gains or losses incurred from investing in companies mentioned.

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