Vancouver's Sherwood Copper Corp. (TSX-V:SWC) plans to acquire Vancouver-based Western Keltic Mines Inc. (TSX-V:WKM) in an all-share deal worth an estimated $37 million.
Sherwood is buying the company to more than double its copper resources.
Western Keltic owns the copper-zinc Kutcho Project located 100 kilometres east of Dease Lake in northwestern B.C.
The deal represents a 53% premium on Western Keltic's shares and would give Western Keltic shareholders access to Sherwood's copper production.
In October, Sherwood began producing copper at its Minto mine, which is 240 kilometres north of Whitehorse.
Sherwood's share price range during the past week: between $5.85 and $6.10; 52-week high: $8.26; 52-week low: $3.54.