On October 25, 2024, Cruz Battery Metals Corp. announced an arrangement agreement with its wholly-owned subsidiary, Makenita Resources Inc. This agreement involves transferring all rights to the Hector Silver-Cobalt Project to Makenita and spinning out all securities of Makenita to Cruz’s securityholders on a pro-rata basis. The arrangement will be completed through a statutory plan of arrangement under the Business Corporations Act (British Columbia).
The record date for the arrangement is set for October 29, 2024, with the mailing date on November 5, 2024, and the meeting scheduled for December 11, 2024. Shareholders are encouraged to vote in support of the arrangement through Notice and Access.
The president of Cruz, James Nelson, emphasized the benefits of being a shareholder of record on October 29, 2024, as it allows for receiving free shares of Makenita without any additional cost. The arrangement will result in Makenita becoming a separate reporting issuer in various Canadian provinces, focusing on developing the Hector Property.
The transaction includes transferring the Hector Property to Makenita, a share capital reorganization of Cruz, and a securities exchange where Cruz shareholders will receive Makenita Spinout Shares. The arrangement is subject to court approval, shareholder approval, and approval from the Canadian Securities Exchange.
Upon completion of the arrangement, Cruz shareholders will maintain their interest in Cruz and gain a proportionate interest in Makenita. Makenita plans to list its shares on the Canadian Securities Exchange and raise funds through offerings to finance exploration activities on the Hector Property.
The completion of the arrangement is expected by the end of the fourth quarter of 2024, pending necessary approvals and closing conditions. For more information on the arrangement, please refer to previous news releases from the company.
Cruz Battery Metals Corp. has multiple projects in North America, including lithium projects in Nevada and cobalt projects in Ontario and Idaho. Management advises caution in interpreting past results from properties near Cruz. For inquiries or to receive company updates, please contact the company via email.
James Nelson
President, CEO, Secretary, and Director
Cruz Battery Metals Corp.
This news release may contain forward-looking statements that involve risks and uncertainties. The company does not guarantee the completion of the Spin-Out as proposed and advises caution in interpreting the information provided. Updates to forward-looking information will be made if required by law. For the original source of this press release, please visit the provided link.
