BRIEF-Adventure Gold and Probe Metals agree on terms to combine

Thu Apr 7, 2016 11:03am EDT
 
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April 7 (Reuters) - Adventure Gold Inc :

* Says co and Probe Metals Inc have entered into a definitive agreement to combine their respective companies

* Under terms of transaction, holders of Adventure shares will receive 0.39 of a Probe share for each Adventure share held

* Under terms of transaction, holders of Adventure shares will receive 0.39 of a Probe share for each Adventure share held

* Senior management of combined company will include all current management of probe with David Palmer as president and CEO

* As part of transaction, Probe plans to complete a non-brokered private placement with Goldcorp for about $2.9 million

* Probe and Adventure's board of directors have determined that proposed combination is in best interest of their respective companies

* Deal implies a total equity value of approximately C$22.8 million Source text for Eikon: Further company coverage: