Red Eagle Mining Corporation (TSX:R) entered into a definitive agreement to acquire remaining stake in Red Eagle Exploration Limited (TSXV:XR) for CAD 12.4 million on March 2, 2018. Under the terms of the agreement, Red Eagle Exploration shareholders will receive 1 share of Red Eagle Mining for every 2 shares as exchange ratio. Red Eagle Mining currently owns 76.43% of the outstanding Red Eagle Exploration Shares. Red Eagle Mining will issue approximately 45.9 million shares and Red Eagle Exploration will amalgamate with a wholly-owned subsidiary of Red Eagle Mining and will become a wholly-owned subsidiary of Red Eagle Mining. Upon completion of the transaction, former red Eagle Exportation shareholders will own approximately 10.5% of the outstanding shares of Red Eagle Mining. The transaction is subject to the approval by Red Eagle Expiration shareholders, receipt of certain regulatory and stock exchange approvals and certain other closing conditions customary in transactions of this nature. The Board of Director of each Red Eagle Mining and Red Eagle Exploration formed a special committee to evaluate the transaction and special committees have determined the transaction in best interest and unanimously approved the transaction. The special meeting of Red Eagle Exploration shareholders to approve the transaction will hold on April 5, 2018. As on March 2, 2018, the transaction is approved by the shareholders of Red Eagle Exploration. After the completion of the transaction, Red Eagle Exploration Limited will be delisted from the TSX Venture Exchange. Jay Sujir of Farris, Vaughan, Wills & Murphy LLP acted as legal advisor to Red Eagle Exploration and Red Eagle Mining.

Red Eagle Mining Corporation (TSX:R) completed the acquisition of remaining stake in Red Eagle Exploration Limited (TSXV:XR) on April 24, 2018.