Business
Eastfield / Lysander Plans of Arrangement - Spin-Off of Lorraine Copper Corp. Effective Date Set
April 8 2998 - Eastfield Resources Ltd. (TSX-V: ETF) ("Eastfield") and Lysander Minerals Corporat...
About this update from Eastfield Resources Ltd.
[{"type":"text","content":"Eastfield / Lysander Plans of Arrangement - Spin-Off of Lorraine Copper Corp. Effective Date Set\n\n\nApril 8 2998 - Eastfield Resources Ltd. (TSX-V: ETF) (\"Eastfield\") and Lysander Minerals Corporation (TSX-V: LYM) (\"Lysander\") announce that the TSX Venture Exchange (the \"Exchange\") has given its final approval to the plans of arrangement filed by each of Eastfield and Lysander, which provide for the listing of the shares of a new company, Lorraine Copper Corp. (\"Lorraine\"). The shares of Lorraine will commence trading as a Tier 2 company on the Exchange under the TSX-V trading symbol LCC upon completion of the listing requirements of the Exchange.\n\nUnder the plans of arrangement, each of Eastfield and Lysander shall contribute their respective interests in the Jajay-Lorraine-Jan-Tam-Misty Property located in the Omineca Mining Division of British Columbia (the \"Lorraine-Jajay Property\") and $150,000 of working capital (for a total of $300,000) to Lorraine. The Lorraine-Jajay Property is host to alkalic porphyry copper-gold-silver deposits, and is located 280 km northwest of Prince George, BC. The Lorraine-Jajay Property is currently being explored by Teck Cominco Limited (\"TCL\") under an option agreement whereby TCL may earn up to a 65% interest in the Lorraine-Jajay Property. Each of Eastfield and Lysander shall retain their respective interests in their other mineral properties.\n\nThe effective date of the Eastfield plan of arrangement has been set at April 16, 2008, which has also been determined as the record date for Eastfield shareholders to participate in the plan of arrangement. Eastfield shareholders of record on April 16, 2008, will subsequently receive approximately 0.451 of one common share of Lorraine for every share of Eastfield that they own, while still retaining their Eastfield shareholdings. Purchasers of Eastfield shares with settlement after the effective date will not receive Lorraine shares pursuant to the plan of arrangement. Take note that standard settlement terms for most brokerage firms are three business days following the date of purchase. The Eastfield plan of arrangement is more fully described in an Information Circular dated October 23, 2007 in connection with a special general meeting of shareholders which was held on November 27, 2007.\n\nThe effective date of the Lysander plan...