Business
Origen Resources Receives Shareholder Approval of its Plan of Arrangement
Vancouver, British Columbia--(Newsfile Corp. - May 13, 2021) - Origen Resources Inc. (CSE: ORGN) (the "Company" or "Origen") is pleased to announce that its pre
About this update from Origen Resources Inc
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - May 13, 2021) - Origen Resources Inc. (CSE: ORGN) (the \"Company\" or \"Origen\") is pleased to announce that its previously announced plan of arrangement (the \"Arrangement\") has been approved by the Company's shareholders. The Arrangement, which involves spinning out Origen's Silver Dollar property to Forty Pillars Mining Corp. (\"Forty Pillars\"), was approved by shareholders of Origen (the \"Origen Shareholders\") at an annual general and special meeting (the \"Origen Meeting\") of the Origen Shareholders held Wednesday, May 12, 2021. At the Origen Meeting, a special resolution approving the Arrangement was approved by 99.99% of the votes cast by Origen Shareholders. \"With the approval of the Forty Pillars spin-out, we have unlocked value for the Company and its shareholders. Origen's shareholdings in Forty Pillars will further add to addition to the millions in liquid assets already on hand and allows the Company to focus on it other core exploration assets,\" states Blake Morgan, President. The Arrangement is still subject to approval by the Supreme Court of British Columbia (the \"BC Court\"). The BC Court hearing for obtaining a final order approving the Arrangement is scheduled to take place on May 18, 2021. An application for the listing of Forty Pillars on the Canadian Securities Exchange (\"CSE\") has been filed, however listing is subject to CSE final acceptance. Under the Arrangement, Origen will transfer its Silver Dollar property and approximately $66,893.60 in cash to Forty Pillars in exchange for the number of common shares of Forty Pillars (the \"Forty Pillars Shares\") as is equal to 0.2 of the outstanding Origen common shares, a reorganization of Origen's share capital and a distribution of the Forty Pillars Shares to Origen Shareholders such that each Origen Shareholder will receive one new share of Origen (a \"New Origen Share\") and 0.12 of a Forty Pillars Share in exchange for each Origen common share held by the Origen Shareholder at the effective time of the Arrangement. Origen will retain Forty Pillars Shares as part of the Arrangement which are not transferred to Origen Shareholders. Letter of Transmittal Assuming completion of the Arrangement, in order to receive Origen New Shares and Forty Pillars Shares, registered Origen Shareholder...