On September 9, 2024, Cruz Battery Metals Corp. announced that it has entered into an arrangement agreement with its wholly-owned subsidiary, Makenita Resources Inc. The agreement entails the transfer of all rights, title, and interest in the Hector Silver-Cobalt Project to Makenita, as well as a spin-out of securities to Cruz’s securityholders.
The Hector Property, located in Ontario, Canada, will become Makenita’s focus for development. Cruz will continue its focus on other projects in Nevada and Idaho and seek opportunities for further acquisitions. The Arrangement will involve a share capital reorganization of Cruz, a transfer of the Hector Property, and a securities exchange for Cruz’s shareholders, stock options, warrants, and restricted share units.
Upon completion of the Arrangement, Cruz shareholders and holders of equity-based securities will maintain their interests in Cruz and also acquire a proportionate interest in Makenita. Makenita plans to seek a listing on the Canadian Securities Exchange and raise funds through offerings to finance its activities on the Hector Property. The Arrangement is subject to various approvals and is anticipated to be completed by the end of the third quarter of 2024.
Additional details on the Arrangement will be provided in an information circular for shareholders, and interested parties can refer to Cruz’s news release dated August 1, 2024 for more information. James Nelson, President of Cruz, expressed optimism about the benefits of the Arrangement for current and future shareholders of the Company.
Cruz Battery Metals Corp. has various projects across North America, including lithium projects in Nevada, cobalt projects in Idaho, and the Hector Property in Ontario. Management advises caution as past results on neighboring properties may not indicate similar results on Cruz’s properties. For more information or to join Cruz’s news distribution list, interested parties can email info@cruzbatterymetals.com.
The announcer issued a statement regarding forward-looking statements related to the Spin-Out and the Company’s performance. The Company does not guarantee future results and advises caution when considering such statements.
To view the source version of this press release, please visit the provided link. Source: Cruz Battery Metals Corp.
