Business
Canada Silver Cobalt Provides Update on Spin-Out of Graal Nickel Property into Coniagas Battery Metals and Appoints Coniagas Directors and Officers
Coquitlam, British Columbia--(Newsfile Corp. - February 15, 2023) - Canada Silver Cobalt Works In...
About this update from Nord Precious Metals Mining Inc.
[{"type":"text","content":"Canada Silver Cobalt Provides Update on Spin-Out of Graal Nickel Property into Coniagas Battery Metals and Appoints Coniagas Directors and OfficersCoquitlam, British Columbia--(Newsfile Corp. - February 15, 2023) - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the \"Company\", \"Canada Silver Cobalt\" or \"CCW\") is pleased to provide an update on the previously-announced spin-out of the Graal property in Quebec into a separate public company called Coniagas Battery Metals Inc. (\"Coniagas\"), currently a wholly-owned subsidiary of CCW (see CCW press release - October 4, 2022). The Board of Directors of CCW has approved proceeding with the spin-out by way of plan of arrangement under the Canada Business Corporations Act. In connection with the plan of arrangement, approximately 37% of the shares of Coniagas will be distributed to the shareholders of CCW by way of special dividend, consisting of approximately 11.7 million shares, each accompanied by one-half of a common share purchase warrant. The closing of this transaction is subject to a number of conditions, including court, shareholder and regulatory approval, including that of the TSX Venture Exchange, and the listing of Coniagas on a Canadian stock exchange. CCW intends to call a special meeting of shareholders to approve the plan of arrangement and will file and distribute a management information circular with full details of the proposed transaction.Frank J. Basa, B.Eng., P.Eng., CEO of CCW, who will become President and CEO of Coniagas, stated: \"It is the Company's intention to develop Coniagas into a premier supplier to the EV market. Coniagas' significant land package in northern Quebec, positive drill results, and the province's supportive approach to resource development provides confidence that our shareholders are well positioned in CCW and Coniagas.\"\"With respect to CCW, it is on its way to becoming a pure precious-metal play,\" Frank J. Basa further commented. \"The two main silver and gold properties held by CCW are in mining friendly historical jurisdictions. Castle East has had eight high-grade silver vein structures identified and, with ongoing work, has the potential to identify additional mineralized structures. Silver grades of 89,000 gpt silver have been drilled at Castle East. Eby-Otto, the Company's gold prospect, is on th...