The British Columbia company, which is already listed on the Toronto Stock Exchange’s Venture Exchange, agreed to merge with Plum Acquisition Corp. III. The special-purpose acquisition firm will take Tactical public on the Nasdaq with an estimated pro forma enterprise value of US$589 million, at which point Tactical will delist from the TSX-V. (The Logic)

Talking point: SPAC deals have dropped in popularity after many companies struggled. Plum said Tactical Resources has potential to be one of the few near-term alternatives to the Chinese rare-earths supply chain, which are necessary for semiconductors, electric vehicles, advanced robotics and defence. Tactical has been exploring projects in Quebec and Saskatchewan, and the merged company will remain in B.C. after the listing. But the companies said Tactical’s flagship project is near El Paso, Texas as it aims to become a major player in the U.S. Tactical’s Toronto-listed shares rose 132 per cent to the highest level since it began trading on the TSX-V in August 2023. The deal is expected to close in the fourth quarter of 2024, subject to closing conditions.