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Pan American Energy Announces Completion of "Spin-Out" of Legacy Lithium
CALGARY, Alberta, April 21, 2023 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (the “Company” or “Pan American”) (CSE: PNRG) (OTC PINK: PAANF) (FRA: SS6) is ple
About this update from Pan American Energy Corp.
[{"type":"text","content":" CALGARY, Alberta, April 21, 2023 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (the “Company” or “Pan American”) (CSE: PNRG) (OTC PINK: PAANF) (FRA: SS6) is pleased to announce that it has completed the previously announced plan of arrangement (\"Arrangement\") to “spin-out” Legacy Lithium Corp. (“Legacy”). The Arrangement became effective at 12:01 a.m. on April 21, 2023. The former common shares of Pan American were delisted from the Canadian Securities Exchange (“CSE”) effective at the close of trading on April 20, 2023. The new common shares of Pan American distributed pursuant to the Arrangement commence trading on the CSE at market opening on April 21, 2023. Pursuant to the Arrangement, the owners of common shares of the Company at 12:01 a.m. on April 21, 2023 are entitled to receive: (i) one new common share of the Company for each common share of the Company held at such time; and (ii) one-fifth of a common share of Legacy for each common share of the Company held at such time. Outstanding warrants of the Company will be adjusted in the manner set forth in the Company’s management information circular dated March 8, 2023 (the “Circular”). No adjustment will be made to outstanding stock options or restricted share units of the Company. Legacy common shares are not listed on a public stock exchange, but it will operate as a reporting issuer. For further details regarding the Arrangement, including the procedure that shareholders must follow to exchange their former common shares of Pan American for new common shares of Pan American and Legacy common shares, please refer to the Circular, which is available under the Company’s profile on SEDAR at www.sedar.com. Registered Pan American shareholders who have not already done so should complete and sign the Letter of Transmittal, which is available under the Company’s profile on SEDAR at www.sedar.com, and return it, together with the certificate(s)/DRS advice(s) representing their former Pan American common shares and any other required documents and instruments, in accordance with the procedures set out in the Letter of Transmittal. Non-registered Pan American shareholders who hold their shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary or depositary who have not already submitted a Letter of Transmittal should contact t...