Business
Origen Resources Announces Proposed Arrangement to Spin Out Silver Dollar Property
Vancouver, British Columbia--(Newsfile Corp. - April 6, 2021) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VX) (the "Company" or "Origen") is pleased to announce
About this update from Origen Resources Inc
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - April 6, 2021) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VX) (the \"Company\" or \"Origen\") is pleased to announce that it has entered into an arrangement agreement dated effective April 1, 2021 with its wholly-owned subsidiary, Forty Pillars Mining Corp. (\"Forty Pillars\"). The Arrangement Agreement, a copy of which will be available under Origen's profile on SEDAR, sets out the terms on which Origen will complete a plan of arrangement (the \"Arrangement\") under the Business Corporations Act (British Columbia) with Forty Pillars whereby Origen's Silver Dollar Property (and Beatrice Property which is included within Silver Dollar but referenced separately in Origen's financial statements) and $66,893.60 will be spun out to Forty Pillars. The Arrangement, if completed, will result in, among other things, Origen being entitled to receive one common share of Forty Pillars in exchange for each five common shares of Origen outstanding on the effective date of the Arrangement. Origen will retain 40% of such shares of Forty Pillars and through a reorganization of its share capital, distribute the remaining 60% of such Forty Pillars shares to the shareholders of Origen, on a pro rata basis. \"This spin off, once approved, will be another milestone in Origen's short history. We are pleased that the implementation of our business plan which focuses on generating and then monetizing our mineral assets has resulted in a portfolio of shares currently valued at over $2 million. This transaction will not only add to this total but more importantly enable the realization of the potential of our Silver Dollar asset under a new highly motivated and experienced management team,\" states Blake Morgan Company President. Forty Pillars intends to seek a listing of its common shares on the Canadian Securities Exchange (\"CSE\") following the completion of the Arrangement. Forty Pillars is presently raising funds by way of a convertible note financing to fund its working capital operations and certain costs of the Arrangement. The directors of Forty Pillars on closing of the Arrangement are anticipated to be Gary Schellenberg (who is a director of Origen and presently the sole director of Forty Pillars), Mike Sieb (who is currently a director of Origen), Nader Vatanchi, Abbey Abdiye and Alex ...