On June 29, 2020, North Peak Resources Ltd. (formerly Interbit Ltd.) (TSXV: NPR) (the "Company") announced that it had completed its previously announced "Change of Business" transaction ("COB Transaction"), with the result that the Company is now a Tier 2 mining issuer under the policies of the TSX Venture Exchange ("TSXV") and engaged in the exploration and development of prospective mineral properties.
The Company completed the COB Transaction by entering into an option agreement dated March 20, 2020 with Mr. Mike Leahy, whereby the Company was granted the option to acquire a 100% interest in and to the Mike Leahy Property, and by obtaining the necessary shareholder and TSXV approvals. The Property is located in north central Eby Township and in the southern part of adjacent Grenfell Township, immediately west of Highway 11 and approximately 15 kilometres southwest of Kirkland Lake, Ontario.
The Company also announced implementation of the consolidation of its share capital on a 2 for 1 basis, consolidating its 35,418,912 currently outstanding common shares to approximately 17,709,456 common shares. Beginning June 30, 2020, the Company's common shares continued to be traded on the TSXV, but under the new symbol "NPR", on a post–consolidation basis and under a new CUSIP number – 661444109 / ISIN number – CA6614441096.
Gordon Chmilar of Gowling WLG advised the Company with respect to this transaction.