On June 28, 2018, Canada Strategic Metals, Matamec Explorations and Sphinx Resources announced that Canada Strategic and Matamec have closed the business combination by way of the plan of arrangement approved by an order of Superior Court of Québec to create a new gold exploration company whose activities will be focused on the James Bay region. The company will be called Quebec Precious Metals Corporation. Canada Strategic has also acquired Sphinx’s three gold projects by way of an asset purchase, including Sphinx’s 50% interest in the Cheechoo-Éléonore Trend project, as well as the remaining 50% interest in that project held by Sirios Resources.
In connection with the concurrent $5.4 million financing, Goldcorp Inc. invested $3,701,960 and the Caisse de dépôt et placement du Québec invested $1,400,000.
Fasken advised Canada Strategic Metals in this transaction with a team led by Frank Mariage that included Guillaume Saliah, Youssef Fichtali, Janie Harbec, Sébastien Bellefleur, Brandon Farber and Claude Jodoin.