- Cerrado Gold (CRDOF, Financial) has completed the acquisition of Ascendant Resources.
- Ascendant shareholders will receive 1/7.8th of a Cerrado share per Ascendant share.
- Ascendant shares to be delisted from the TSX around May 21, 2025.
Cerrado Gold (CRDOF) has successfully finalized its acquisition of Ascendant Resources through a plan of arrangement that became effective on May 16, 2025. Under the terms of the deal, former Ascendant shareholders are entitled to receive 1/7.8th of a Cerrado common share for each Ascendant share they owned.
In connection with the deal, Cerrado issued a total of 27,721,684 common shares along with 4,903,822 replacement options and 1,730,601 replacement warrants to the security holders of Ascendant. This transaction resulted in Cerrado having a total of 132,753,478 common shares outstanding on an undiluted basis.
Following the completion of the arrangement, Ascendant shares are expected to be delisted from the Toronto Stock Exchange (TSX) around May 21, 2025. Ascendant plans to cease being a reporting issuer and terminate its public reporting obligations in connection with the delisting.
Additionally, Rui Santos, a seasoned expert in mining sector legal matters and a long-standing director of Ascendant, has been appointed to Cerrado's board of directors. Rui Santos brings over 25 years of legal expertise in the mining and oil and gas industries, having played a key role in significant transactions such as the acquisition of Somincor by EuroZinc.
