Probe Metals and Adventure Gold announce merger.

Probe Metals and Adventure Gold Inc. have announced they will be merging the two companies.

Probe Metals is a gold exploration company with property in the Timmins area. It was formed last year following the sale of Probe Mines to Goldcorp in March. Goldcorp currently owns a 17.7 per cent stake in Probe.

Adventure, meanwhile, is focused on exploration and development in the Abitbi Greenstone Belt. Its main project is the Vald'Or East project, which has a resource report of 770,000 ounces of gold at 2.6 g/t Au in inferred resources, calculated at a 1.0 g/t cutoff above 350m depth and 1.5 g/t cutoff below.

Under the agreement, Adventure shareholders will receive 0.39 cents of a Probe share for each Adventure share.

Probe has currently 34,914,205 common shares issued and outstanding. Upon completion of the transaction, Probe will have approximately 66,191,220 shares issued and outstanding, and existing Probe and Adventure shareholders will own approximately 53 per cent and 47 per cent of the combined company, respectively.

In conjunction with the merger, Probe Metals announced it would issue Goldcorp 4,400,000...

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