Tactical Resources Corp., a mining exploration and development company, is set to merge with Plum Acquisition Corp. III, a special purpose acquisition company (SPAC), under a definitive business combination agreement. The merger will involve the re-domiciling and amalgamation of entities, eventually making Tactical Resources a wholly-owned subsidiary of a new holding company, tentatively named Tactical Resources Corp. With a pre-transaction equity value of $500 million for Tactical Resources and an estimated pro forma enterprise value of $589 million, the deal foresees Tactical Resources securityholders owning 82.1% of the new entity. Plum’s public shareholders and sponsor will hold the remaining shares. The transaction is subject to regulatory, shareholder, and court approvals, and is expected to close in Q4 2024. Funding of up to $30 million is sought to support Tactical Resources’ strategic growth plans, including operations for the Peak Project, which involves the extraction of rare-earth elements.
Mineral Exploration and Development, Special Purpose Acquisition Companies (SPACs), Metallurgical Processing,Canada, United States, Cayman Islands
https://www.globenewswire.com/news-release/2024/08/28/2937290/0/en/Tactical-Resources-Provides-Additional-Information-Regarding-Its-Proposed-Business-Combination-With-Plum-Acquisition-Corp-III.html