Metalla completed a plan of arrangement with ValGold Resources Ltd., pursuant to which Metalla acquired all of the issued and outstanding common shares of ValGold for a value of $7.2 million. Under the terms of the arrangement, holders of ValGold shares received 0.1667 common shares of Metalla for each ValGold share held. In addition, holders of outstanding ValGold options received Metalla shares based on the in-the-money value of such options. Metalla issued an aggregate 9,659,973 Metalla shares in exchange for the ValGold shares and ValGold options. Outstanding ValGold share purchase warrants will be exercisable to acquire up to 2,616,831 Metalla shares, each at an exercise price of approximately $0.60. The aggregate issued and outstanding share capital of Metalla following the arrangement consists of 85,239,905 Metalla shares.