Defiance Silver Corp (TSX-V: DEF) and ValOro Resources (TSX-V: VRO) have created a combined company that keeps the name Defiance Silver Corp., following a friendly merger under the Business Corporations Act of the Canadian province of British Columbia.
In a media statement, the Vancouver-based miners describe Defiance Silver Corp as “a leading diversified explorer with an advanced portfolio of Mexican silver and gold projects.”
The new firm is trading under the symbol DEF, has approximately 120.07 million common shares outstanding, of which shareholders of Defiance own 86.07% and the former shareholders of ValOro own approximately 13.92%.
From now on, the new company will be in charge of the works ValOro was advancing at its 100%-owned Tepal gold/copper project in the western Mexican state of Michoacán. The property, where ValOro has carried out aggressive exploration, resource expansion, and infill drilling programs, is comprised of five concessions that occupy some 1,400 hectares.
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