Business
Manganese X Announces Receipt of TSXV Conditional Approval for the Graphano Energy Spin-Out and Listing
Distribution Date set for August 27, 2021 Record Date set for August 24, 2021 Ex-Divid...
About this update from Manganese X Energy Corp.
[{"type":"text","content":"Manganese X Announces Receipt of TSXV Conditional Approval for the Graphano Energy Spin-Out and ListingDistribution Date set for August 27, 2021Record Date set for August 24, 2021Ex-Dividend Date set for August 23, 2021Montreal, Quebec--(Newsfile Corp. - August 16, 2021) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (OTCQB: MNXXF) (\"Manganese X\" or the \"Company\"), is pleased to announce that the TSX Venture Exchange (the \"TSXV\") has issued its conditional listing approval for the previously-announced spinout transaction of certain assets into Graphano Energy Ltd. (\"Graphano\") pursuant to the plan of arrangement involving Manganese X and Graphano (the \"Arrangement\"). Details of the Arrangement were described in the Company's information circular dated March 16, 2021 which was mailed to its shareholders and filed on SEDAR at www.sedar.com. Closing of the Arrangement is expected to occur on August 27, 2021 (the \"Effective Date\" or the \"Distribution Date\") which would also constitute the distribution date of the common shares of Graphano (\"Graphano Shares\") to the Manganese X shareholders under the Arrangement. Holders of record of Manganese X common shares (\"Manganese X Shares\") as of August 24, 2021 (the \"Record Date\") will receive one share of Graphano for every eight shares of Manganese X held on the Record Date. The Graphano Shares have a deemed price of $0.05 per Graphano Shares, resulting in a deemed distribution of $0.00625 per Manganese X Share.Manganese X Shares will commence trading on an ex-dividend basis on the TSXV at the open of trading on August 23, 2021. This means that in order to be entitled to receive a dividend of shares of Graphano, a shareholder must be a holder or Manganese X Shares as of August 20, 2021. No additional action is required by shareholders in order to receive Graphano Shares.On the closing of the Arrangement, Graphano and Manganese X will be operated as separate companies with separate management teams and Boards of Directors. For further details on the Arrangement and the business of Graphano following the Arrangement, please refer to the Information Notice that is available on SEDAR at www.sedar.com.The Company expects the Graphano Shares to begin trading approximately five business days following the Effective Date under the symbol \"GEL\". Listing of the Graphano Shar...