Private firm Evolve Strategic Element Royalties is set to acquire Voyageur Mineral Explorers (CSE: VOY) in a C$70.3 million ($50.9m) reverse takeover. Voyageur focuses on prairies and copper – zinc – gold exploration.

Under the companies’ agreement announced Wednesday, Voyageur will acquire all of Evolve’s shares at C$0.80 each. It will continue its exploration work and take on Evolve’s royalty activities. Voyageur owns multiple exploration projects in northwest Manitoba and southeast Saskatchewan, like the Gold Rock and Hanson Lake sites.

Voyageur President and CEO Fraser Laschinger stated this strategic business combination is transformative for Voyageur, creating a stronger, more diversified emerging leader in copper mining royalties. He believes the union will drive growth and deliver value to shar...

Evolve CEO Joseph de la Plante said that over the past year, Evolve has built a copper – focused royalty portfolio related to Teck Resources’ Highland Valley Copper mine and Hudbay Minerals’ Copper Mountain mine. The Voyageur deal will also expose Evolve to Foran Mining’s McIlvenna Bay project in Saskatchewan.

De La Plante added that with immediate cash flow, a clear growth path, and public listing benefits, Evolve is well – positioned to accelerate its acquisition strategy and provide long – term value for shareholders.

Once the deal closes, Voyageur will change its name to Evolve Royalties. Voyageur shares were paused for trading on the CSE and will resume after the takeover. Before the halt, the shares traded at C$0.84 each, valuing the company at C$27.17 million ($19.7m), with a 12 – month trading range of C$0.44 to C$1.

Evolve holds a 0.51% net profit interest in the Highland Valley mine, a 5% net smelter returns (NSR) royalty on copper, and a 2.5% NSR royalty on other metals at Copper Mountain. Besides its BC interests, it also has a 2% net smelter return royalty on Chinese miner Tibet Summit Resources’ Sal de Los Angeles lithium brine project in Argentina.