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 shareholders.

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’...