Core Silver and Arcus Development Announce Business Combination and Option Agreement

Core Silver Corp. and Arcus Development Group Inc. have announced a binding letter of intent (LOI) for a business combination transaction. This will lead to Core Silver acquiring all Arcus common shares on a 1:1 basis, forming a combined company. Regulatory approvals and shareholder agreements are needed for completion.

The companies also signed a definitive option agreement, allowing Core Silver to acquire a 20% interest in Arcus' Touleary Project. Core Silver must invest $2 million in exploration by the first anniversary to maintain the option. Upon exercising the option, a joint venture will be established, initially giving Arcus an 80% stake.

Completion of the merger is contingent upon several conditions including regulatory and shareholder approval. Core Silver will issue a future news release with a Definitive Agreement and updates.