- Clover Leaf Capital (NASDAQ:CLOEU) to acquire all of the outstanding securities of North Shore Energy Metals.
- Per the terms, Clover Leaf will acquire 100% of the outstanding North Shore Energy common shares from the North Shore Energy shareholders in exchange for the issuance of one common share of Clover Leaf for each share of North Shore Energy.
- An aggregate of 16.73M Clover Leaf common shares will be issued to the current shareholders of North Shore Energy, which will result in the reverse takeover of Clover Leaf by North Shore Energy.
- Concurrently with the closing of the deal, North Shore Energy will complete an equity offering of subscription receipts to raise aggregate gross proceeds of not less than C$5M.
- The proceeds will be used to fund exploration programs on the Falcon and West Bear properties, transaction costs and general and administrative expenses.
- The deal will be completed on April 30, 2023.