Business
Canasil Proposes Spin-out Transaction for Transfer of B.C. Properties to Canmine Minerals Inc.
Canasil Proposes Spin-out Transaction for Transfer of B.C. Properties to Canmine Minerals ...
About this update from Canasil Resources Inc.
[{"type":"text","content":"\n\n\n\nCanasil Proposes Spin-out Transaction for Transfer of B.C. Properties to Canmine Minerals Inc.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, July 26, 2017\n\n\n\nVANCOUVER, July 26, 2017 /CNW/ - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, \"Canasil\" or the \"Company\") announces that its Board of Directors has unanimously approved a proposal to undertake a spin-out transaction to segregate its British Columbia properties into a separate company, Canmine Minerals Inc. (\"Canmine\").  Shareholders of Canasil will receive shares of Canmine in proportion to their shareholdings of Canasil, and Canasil will continue to hold its Mexican assets.  It is proposed that the transaction will be carried out as a Plan of Arrangement under the Business Corporations Act (British Columbia).\n\nThe transaction is intended to unlock value for Canasil shareholders by allowing the market to independently value the British Columbia properties, and by providing greater flexibility to further advance the properties, including exploration programs with the proceeds of \"flow-through\" share financings. Complete details of the proposed transaction will be set out in the information circular to be sent to shareholders of Canasil prior to the Special Meeting to be convened to approve the transaction.\n\nBahman Yamini, President and CEO of Canasil, commented: \"The spin-out of the British Columbia properties to create a new publicly listed Company is intended to be beneficial for our shareholders by recognizing unrealized value in our BC projects. We believe there is significant potential value in the Company's large BC land holdings which are located in strategic locations with excellent access and infrastructure. Two of the projects are close to past producing mines and major deposits, and exploration work to date indicates they are particularly prospective for hosting Copper-Gold porphyry mineralization with multiple targets. We anticipate that this transaction will also allow greater access to funding f...