Element79 Gold (CSE:ELEM) has completed a plan of arrangement with Synergy Metals under the Business Corporations Act (British Columbia), alongside Synergy’s previously announced merger with 1425957 B.C (142).
In July 2023, Element79 transferred all rights and data for the Dale property outside Timmins, Ontario, to its subsidiary, Synergy. In return, it received 2 million Class A common voting shares in Synergy, which were later redesignated as common shares.
Ahead of the reverse takeover of Synergy by 142, a second amended and restated arrangement dated 26 May 2026 between Element 79 and Synergy saw half of the 2 million common shares held by Element79 distributed to Element79 securityholders on a pro-rata basis. An additional 10,000 shares issued to Element79 have also been redistributed.
The company’s existing common shares have been redesignated as Class A common shares with enhanced voting rights of two votes per share.
Element79 obtained shareholder approval for the arrangement at its securityholder meeting on 3 July 2026.
Synergy has simultaneously completed a reverse takeover of 142, with former 142 shareholders receiving all common shares in Synergy through a three-cornered amalgamation. Former 142 shareholders now hold around 88.16% of Synergy, while former Synergy shareholders, including Element79, hold approximately 11.84%.
The merger has reduced Element79’s non-diluted ownership in Synergy from 60.24% to 3.55%.
Following the arrangement, Synergy is working towards listing its common shares on the Canadian Securities Exchange (CSE).
Element79 Gold is focused on the exploration and development of ‘high-potential’ gold projects in Nevada, US.
Write to Amy Rotman at Mining.com.au
Images: Element79 Gold
