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Canasil Sets December 12, 2017, as Date for Special Meeting of Shareholders for Proposed Spin-off of B.C. Properties to Canmine Minerals Inc
Canasil Sets December 12, 2017, as Date for Special Meeting of Shareholders for Proposed S...
About this update from Canasil Resources Inc.
[{"type":"text","content":"\n\n\n\nCanasil Sets December 12, 2017, as Date for Special Meeting of Shareholders for Proposed Spin-off 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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Oct. 24, 2017\n\n\n\nTSX-V: CLZ www.canasil.com \n\n\n\nVANCOUVER, Oct. 24, 2017 /CNW/ - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, \"Canasil\" or the \"Company\") announces that it has set December 12, 2017, as the date for the Special Meeting of Shareholders to consider the spin-off transaction to segregate its British Columbia properties into a separate company, Canmine Minerals Inc. (\"Canmine\"), as previously announced on July 26, 2017.  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). Complete details of the proposed transaction will be set out in the Information Circular to be sent to shareholders of Canasil on or before November 15, 2017. The transaction and related documents are subject to approval by the TSX Venture Exchange.\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 arrange funding to actively advance exploration programs on these properties. \n\nThe consideration for the transfer of the BC Properties will be based on the issuance of common shares (the \"Consideration Shares\") of Canmine, which will be distributed to Canasil shareholders based on one share of Canmine for each two shares of Canasil held, following approval of the transaction and other required procedures. Warrant holders and Option holders of Canasil will receive warrants or options of Canmine which are proportionate to, and commensurate with the terms of, their existing Canasil warrants or options. Canasil may retain part (anticipated to be less than 10%) of ...