03:30 PM EDT, 10/11/2024 (MT Newswires) -- Greenridge Exploration Inc. ( GXPLF ) was at last look up 2.5% on Friday after signing a bind arrangement agreement that will have it acquire all of the outstanding and issued common shares of ALX Resources Corp. ( ALXEF ) .

Each common shareholder of ALX will receive 0.045 common shares of Greenridge in exchange for each ALX common share held. Existing Greenridge and ALX shareholders will own approximately 75.2% and 24.8%, respectively, of the common shares of the combined entity.

According to a statement, the transaction is an arm's length one that will create a Canadian uranium exploration company with interests in 16 uranium exploration projects that total approximately 220,000 hectares across Canadian uranium districts including the Athabasca Basin, Thelon Basin and Elliot Lake. The combined entity will have interests in an additional 13 lithium, nickel, gold and copper properties across Canada.

The arrangement agreement follows the non-binding letter of intent announced by Greenridge on September 5, 2024.

Price: 0.80, Change: +0.02, Percent Change: +2.56