Commander Resources Ltd. (TSXV:CMD) entered into a letter of intent to acquire BRZ Mex Holdings Ltd. from Bearing Resources Ltd. (TSXV:BRZ) for CAD 0.28 million on May 5, 2015. Under the terms of agreement, Commander will issue 13 million common shares and pay CAD 0.015 million in cash as consideration. In a related transaction, Odyssey Media Inc. entered into a letter of intent to acquire Bearing Resources Ltd. from AGF Investments Inc., Vertex One Asset Management Inc. and other shareholders in a reverse merger transaction on May 5, 2015.

The transaction is conditional on the conditions including exchange acceptance, disinterested shareholder approval, entering into a definitive agreement prior to May 29, 2015, receipt of Bearing Resources shareholder approval, receipt of regulatory approval and completion of the transfer of Bearing's Canadian mineral assets from Bearing to BRZ Mex Holdings Ltd. A special committee of independent directors and consisting of Eduard Epshtein was formed to consider the reorganization and make recommendations to the board of directors. Upon completion the Bearing Resources intends to distribute all of the Commander shares which it receives to the Bearing Resources shareholders.