Business
Choice Gold, Full Metal and Enexco Spinco Provide Update on Arrangement and Announce Effective Date
Choice Gold, Full Metal and Enexco Spinco Provide Update on Arrangement and Announce Effecti...
About this update from Full Metal Minerals Ltd. Class A
[{"type":"text","content":"Choice Gold, Full Metal and Enexco Spinco Provide Update on Arrangement and Announce Effective DateChoice Gold, Full Metal and Enexco Spinco Provide Update on Arrangement and Announce Effective DateVancouver, BC / ACCESSWIRE / October 16, 2014 / Choice Gold Corp. (\"Choice\", CSE:CHF), Full Metal Minerals Ltd. (\"Full Metal\", TSX-V:FMM) and 0999279 B.C. Ltd. (\"IEC Spinco\", a former subsidiary of International Enexco Ltd.) are pleased to anounce the satisfaction of all conditions necessary for the completion of the proposed plan of arrangement (the \"Arrangement\") to form Copperbank Resources Corp. (\"Copperbank\") (see press releases dated March 19, 2014, June 3, 2014 and August 19, 2014) as contemplated by the arrangement agreement between Choice, Full Metal and IEC Spinco entered into on June 2, 2014, as amended September 5, 2014 (the \"Arrangement Agreement\").The respective shareholders of Choice, Full, Metal and IEC Spinco (the \"Parties\") approved the Arrangement. 100% of Choice shares, 99.99% of Full Metal shares and 100% of IEC Spinco shares voted at the respective shareholder meetings supported the Arrangement. Additionally, the Parties received the final approval from the B.C. Supreme Court at a hearing held on October 10, 2014 and received all remaining third party consents necessary for the completion of the Arrangement.As a result, on October 15, 2014, an aggregate of 79,499,750 subscription receipts at a price of $0.02 per subscription receipt (each a \"Subscription Receipt\") issued by Choice (see press release dated August 19, 2014) were converted into units of Choice (each a \"Unit\") and the proceeds of the Subscription Receipts will be released to Choice. Each Unit consists of one common share of Choice and one share purchase warrant (a \"Warrant\") exercisable to acquire one additional common share of Choice at a price of $0.10 per share for a period of five years. Pursuant to the Arrangement, each common share of Choice will be exchanged for 0.20 of a common share (each whole share, a \"Copperbank Share\") of Copperbank (post-consolidation) and 0.20 of a share purchase warrant (post-consolidation) of Copperbank (each whole warrant, an \"Arrangement Warrant\"), exercisable at a price of $0.50 (post-consolidation) per share for a period of five years following the effective date of the Arrangement (the \"...