On August 23, 2024, Tactical Resources Corp., a rare earth elements (REE) company, entered into a definitive business combination agreement with Plum Acquisition Corp. III, valuing the combined entity at a pro forma enterprise value of $589 million USD (approximately $798 million CAD). The merger was set to close in Q4 2024, subject to regulatory and shareholder approvals. Tactical Resources’ flagship Peak project, located in Texas, aimed to reduce U.S. dependence on Chinese REEs and support sectors like semiconductors and national defense. Following the merger, Tactical Resources’ shareholders were expected to own approximately 82% of the new entity, which would list on Nasdaq.

Advisors on the transaction included Cohen & Company Capital Markets as exclusive financial advisor to Plum, and Jett Capital Advisors LLC for Tactical Resources. Legal counsel was provided by Hogan Lovells U.S. LLP and Aird & Berlis LLP for Plum, with Allen Overy Shearman Sterling U.S. LLP and McMillan LLP advising Tactical Resources. Manning Elliott LLP served as auditor for Tactical Resources.