Business
Friday's Dog Holdings Announces Plan of Arrangement to Become Major Uranium Developer as American Lithium “Spins Out” Macusani Uranium
VANCOUVER, British Columbia, June 07, 2023 (GLOBE NEWSWIRE) -- Friday’s Dog Holdings Inc. (to be renamed, “International Uranium Corp.”) (the “Company”) (TSXV:
About this update from American Lithium Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, June 07, 2023 (GLOBE NEWSWIRE) -- Friday’s Dog Holdings Inc. (to be renamed, “International Uranium Corp.”) (the “Company”) (TSXV: FRDY | OTCQB: FDOGF) is pleased to announce that management of the Company, after review and consultation with its advisors, has determined it is in the best interests of shareholders of the Company to complete a business combination transaction (the “Transaction”) with a wholly-owned subsidiary of American Lithium Corp. (TSX-V: LI | NASDAQ: AML | Frankfurt:5LA1) (“American Lithium”). The Transaction will be completed by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which, the Company will; acquire all of the outstanding securities of Macusani Uranium S.A.C. (“Macusani Uranium”), a wholly-owned Peruvian subsidiary of American Lithium incorporated on October 13, 2022; and change the business of the Company to uranium exploration and development as further outlined below. At the same time the Company will spin-out its existing business to existing shareholders of the Company (the “Shareholders”) The Transaction, is subject to a number of closing conditions including: (i) the completion of a consolidation (the “Consolidation”) of the Company's outstanding share capital on the basis of one (1) post-Consolidation common share for every four-and-one-half (4.5) pre-Consolidation shares; (ii) the issuance to American Lithium of 80,000,000 post-Consolidation common shares (the “Consideration Shares”) in consideration of the issued and outstanding securities of Macusani Uranium; (iii) the completion of a concurrent brokered private placement of subscription receipts to raise gross proceeds of no less than $15,000,000 being coordinated by a syndicate lead by Eight Capital and National Bank Financial and including Canaccord Genuity Corp., Clarkson Securities AS and TD Securities (the “Concurrent Offering”); (iv) the completion of the spin-out of Friday's Dog Inc. (“FDI”), comprising the existing business of the Company, to the Shareholders; (v) the change of the Company's name to “International Uranium Corp.”; and (vi) the reconstitution of the current board of directors and management of the Company to consist of nominees of American Lithium (as further described below). The Macusani uranium property consists of 85 m...