Tactical Resources to List on Nasdaq Through Merger With SPAC Plum Acquisition III

Plum Acquisition Corp. III (PLMJ), a special purpose acquisition company, and mineral exploration and development firm Tactical Resources have entered into a definitive agreement for a business combination, which implies a pro forma enterprise value of $589 million, both firms said in a joint statement.

The business combination assumes Tactical Resources is delivered on "a cash-free, debt-free basis," the statement said.

The proceeds from the merger will be used to support Tactical Resources' strategic growth plan, including funding its operations plan at the Peak Project and the progression of its future production activities.

The merger is expected to be completed in Q4.

Tactical Resources is expected to delist from the TSX Venture Exchange after the merger.