Toronto, Ontario — December 9, 2025 — Leads & Copy — Paragon Advanced Labs Inc. has announced the closing of its reverse takeover of 1317220 B.C. Ltd. by Britannia Mining Solutions Inc.
The transaction was completed through a three-cornered amalgamation of 131 BC and a newly incorporated subsidiary, now a wholly-owned subsidiary of Paragon Advanced Labs Inc. Trading of the corporation’s shares on the TSX Venture Exchange is expected to begin around December 11, 2025, under the ticker symbol “PALS”.
On December 9, 2025, 131 BC and Britannia completed the transaction contemplated under the business combination agreement among 131 BC, Britannia and Subco dated April 29, 2025, resulting in the launch of Paragon Advanced Labs Inc.
As part of the agreement:
- The common shares of 131 BC were consolidated at a ratio of 6.7812 pre-consolidation shares for one post-consolidation share.
- The corporation changed its name to “Paragon Advanced Labs Inc.” and reconstituted its board of directors and management.
- Britannia’s shareholders received shares at an exchange ratio of one Britannia common share for ten shares of Paragon Advanced Labs Inc., at a deemed price of $1.75 per share.
In connection with the transaction:
- Incentive stock options and common share purchase warrants of Britannia outstanding before the closing were adjusted.
- Convertible debentures of Britannia were automatically exchanged for shares of Paragon Advanced Labs Inc.
On November 27, 2025, Paragon Advanced Labs Inc. received conditional approval from the TSX Venture Exchange to list its shares. Final approval is expected around December 9, 2025, pending fulfillment of customary listing conditions. Upon final approval, the corporation will be listed as an “Industrial Technology Life Sciences, Tier 2” issuer.
Shareholders of 131 BC approved the transaction and related corporate matters on April 29, 2025, via written resolution. Britannia shareholders approved the amalgamation with Subco at a meeting held on June 27, 2025.
Effective upon closing of the transaction:
- The board of directors of Paragon Advanced Labs Inc. now includes Ian Ball, Jason Mayer, Simon Grayson, and Peter Shippen.
- The management of Paragon Advanced Labs Inc. consists of Peter Shippen (CEO and Secretary) and Sarah Zilik (CFO).
Following the transaction, 11195581 Canada Inc., a subsidiary of McEwen Inc., holds beneficial ownership and control over 8,742,880 shares of Paragon Advanced Labs Inc., representing approximately 27.32% of the outstanding shares. McEwen intends to file an early warning report with Canadian securities regulatory authorities, available on SEDAR+ under Paragon Advanced Labs Inc.’s issuer profile.
Other corporate updates related to the transaction include:
- Adoption of an omnibus equity incentive plan.
- Appointment of Zeifmans LLP as auditor.
- An aggregate 9,949,340 shares held by principals will be held in escrow.
- The total number of issued and outstanding shares is 32,001,262.
The new CUSIP number for the shares is 699130100. Odyssey Trust Company remains the transfer agent.
Paragon Advanced Labs Inc. provides innovative analytical technologies to the global mining industry and intends to deploy the largest fleet of PhotonAssay™ machines globally by the end of Q1 2027, to address bottlenecks in mining assays through PhotonAssay™ technology. It is deploying a total of 12 PhotonAssay™ units, with the first two operating at labs in Hamilton, Ontario, and in the Greater Vancouver Area. A third machine is being installed in Sparks, Nevada.
Peter Shippen, Chief Executive Officer and Director, Paragon Advanced Labs Inc.
For more information, contact Peter Shippen at peter.shippen@paragongeochem.com or call 1-800-441-0690 (toll free) or (647)-258-0395x.320.
Source: Paragon Advanced Labs Inc.
