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Orefinders Signs Plan of Arrangement with Power Ore Inc., its Cobalt and Nickel Battery Metals Spin-off
Orefinders Signs Plan of Arrangement with Power Ore Inc., its Cobalt and Nickel Battery Me...
About this update from Orecap Invest Corp
[{"type":"text","content":"\n\n\n\nOrefinders Signs Plan of Arrangement with Power Ore Inc., its Cobalt and Nickel Battery Metals Spin-off\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\nTORONTO, April 23, 2018\n\n\n\nTORONTO, April 23, 2018 /CNW/ - Orefinders Resources Inc. (\"Orefinders\" or the \"Company\") (TSX.V: ORX) is pleased to provide an update to its March 26, 2018 News Release regarding the spin off of Power Ore Inc. (\"Power Ore\"), which will acquire Orefinders' past producing silver-cobalt Mann Mines and MacMurchy Nickel properties. Orefinders has finalized the structure for its previously announced spin-out transaction and has entered into a definitive Plan of Arrangement Agreement (\"POA\").    \n\nOrefinders will sell the Mann Mine property and MacMurchy property to Power Ore in consideration for Power Ore issuing 11 million shares to Orefinders. Pursuant to the POA, Orefinders will then distribute 5,500,000 of those shares to existing Orefinders shareholders pro rata. Based on the current issued and outstanding shares of Orefinders, Orefinders shareholders will receive approximately 1 Power Ore share for every 16.4 Orefinders shares held. The effective date for this share distribution to occur is expected to be on Orefinders Annual General & Special shareholder meeting, or a few days thereafter. Orefinders will retain the balance of the 5,500,000 shares on its balance sheet. \n\n\"We are pleased with how this transaction turned out. Our team views Power Ore as a creative way to produce value for shareholders where it otherwise was not being realized. This is a win-win transaction for Orefinders, its shareholders and for Power Ore who will all participate in the upside potential of the cobalt and nickel sectors as a result of the battery metal revolution ahead,\" said Stephen Stewart, Orefinders CEO.\n\nPower Ore's private placement is now fully subscribed, and it has applied to be listed on the TSXV. Closing of the spin-out and private placement remain subject to TSXV, court and shareholder approval. Further information will b...