Cumberland Resources Corp. completed the acquisition of Cumberland Resources Nickel Corp. in a reverse merger transaction.
Cumberland Resources Corp. completed the acquisition of Cumberland Resources Nickel Corp. in a reverse merger transaction on December 20, 2022. As a result of the amalgamation, each holder of a common share of Cumberland Resources Corp. received one Cumberland Resources Nickel Corp. Share in consideration. Following the Business Combination, the leadership team of the combined company will include Binyomin Posen as Chief Executive Officer and Director, Kyle Appleby as Chief Financial Officer, David Shisel and Erin Wilson as Director. Upon completion of the Business Combination, the Resulting Issuer has 65,610,425 Cumberland Shares issued and outstanding on an undiluted basis, of which the former shareholders of Cumberland Resources Nickel Corp. hold approximately 15.24%, the former shareholders of Cumberland Resources Corp. hold approximately 84.76% of the issued and outstanding of combined company on an undiluted basis.