Zeus North America Mining Corp. has unveiled its Plan of Arrangement to spin out its Chlore Property, located in the Omineca Mining Division of North-Central British Columbia, to its subsidiary Kelso Mining Inc.
This strategic move for the Chlore property is aimed at streamlining the company’s operations and allowing for more focused exploration and development efforts.
Under the terms of the Arrangement, Zeus shareholders will receive one share of Kelso for every 150 shares of Zeus owned as of the Share Distribution Record Date.
The specific record date will be determined by Zeus’s Board of Directors and announced in a future news release.
Holders of Zeus options and warrants who exercise their rights before the Share Distribution Record Date will also receive one share of Kelso for every 150 shares of Zeus.
This ensures that both current shareholders and those exercising their options or warrants can benefit from the Chlore property spin-out.
New focus for Zeus and Kelso
Following the completion of the Arrangement, Zeus shareholders will hold shares in two public companies.
Zeus will concentrate on its properties in Idaho, including Cuddy Mountain, Selway, and Great Western, while Kelso will focus on the development of the Chlore Property in British Columbia.
Conditions for completion
The Arrangement is contingent upon several key approvals:
- Approval by Zeus shareholders via a special resolution at a forthcoming special meeting.
- Approval from the Supreme Court of British Columbia.
- Acceptance of the Arrangement by the Canadian Securities Exchange.
All conditions must be met before the Arrangement can be finalised. The full details of the Arrangement will be available on the SEDAR website under the company’s profile.
Zeus will provide additional information in an upcoming information circular to be mailed to shareholders ahead of the special meeting.
