Vizsla Copper Completes Acquisition of Universal Copper
Vizsla Copper and Universal Copper announced today the completion of their merger under the Business Corporations Act of British Columbia. This arrangement, initially disclosed on February 14, 2024, allows Vizsla Copper to acquire all issued and outstanding shares of Universal Copper. Shareholders of Universal Copper received 0.23 Vizsla Copper shares for each share they held.
The Supreme Court of British Columbia approved the plan on April 16, 2024, following approval by Universal Copper’s shareholders on April 10, 2024. As part of the merger, Universal Copper’s stock options and warrants were converted to those of Vizsla Copper, adjusted according to the share exchange ratio.
Craig Parry, Executive Chairman of Vizsla Copper, commented on the timing of the merger coinciding with a structural undersupply in the copper market. He noted the increasing demand for copper due to new technology implementations like EV, AI, and cloud storage, paired with a reduction in production. Parry highlighted the strategic importance of the Woodjam and Poplar projects in British Columbia, which are expected to be key in meeting these market demands.
Clive Massey, President and CEO of Universal Copper, also expressed satisfaction with the merger, emphasizing the strategic alignment and growth acceleration it promises. He highlighted the strong shareholder support as a vote of confidence in the combined entity's future in the copper industry.
Following the merger, Vizsla Copper has 181,375,021 shares issued and outstanding. Universal Copper’s shares will be delisted from the TSX Venture Exchange as of April 19, 2024. Additionally, Vizsla Copper will request regulatory approval to end Universal Copper’s status as a reporting issuer.
