On May 18, 2011 Copper Canyon Resources Ltd. (CPY:TSX-V) shareholders approved the Arrangement for NovaGold Resources to acquire all the issued and outstanding shares of Copper Canyon Resources. On May 19, the Court of Queen's Bench granted a final order making Copper Canyon a wholly owned subsidiary of NovaGold Resources.
In accordance with the Arrangement, former Copper Canyon shareholders are entitled to receive 0.0735 of a NovaGold common share, cash in the amount of $0.001 and one-quarter of a common share of Omineca, a newly incorporated company, for each Copper Canyon share.
Under the Arrangement, Copper Canyon transferred to Omineca substantially all of its assets other than certain cash and its 40% interest in the Copper Canyon property.
The common shares of Omineca have been listed on the TSX Venture Exchange (trading symbol: OMM).
For the history leading up to this transaction follow this link..… More »