The agreement between 10 shareholders of Cornucopia Resources (TSE) and Galactic Resources (TSE) has been finalized with Galactic acquiring 3.165 million shares. The shares represent 16.34% of the issued capital and were purchased on the basis of 0.5 common shares of Galactic in exchange for each share of Cornucopia. The acquisition included shares held by Galactic Vice-Chairman Robert Friedland and his wife.
Galactic noted that the purchase was made for investment purposes as well as to facilitate a proposed business combination of the two companies.
Galactic has offered to acquire all the issued capital of Cornucopia on the same exchange basis although a definitive agreement has not been finalized.
If a merger is completed on a greater exchange basis, then the 10 shareholders will receive the greater offer.
Be the first to comment on "Galactic finalizes Cornucopia buy"