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Sama Resources Announces Arrangement for the Spinout of Srq Resources, its Quebec Nickel Subsidiary
(TheNewswire) Montréal, Q C - TheNewswire - May 25, 2023 - Sama Re...
About this update from Sama Resources Inc.
[{"type":"text","content":"Sama Resources Announces Arrangement for the Spinout of Srq Resources, its Quebec Nickel Subsidiary \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Montréal, Q\n \n \n C\n \n \n -\n \n \n TheNewswire -\n \n \n May 25, 2023 -\n \n \n Sama Resources Inc.\n \n \n (“\n \n \n Sama\n \n \n ” or the “\n \n \n Company\n \n \n ”)\n \n \n (TSX-V:SME\n \n \n )\n \n \n (\n \n \n OTC:SAMMF)\n \n \n is pleased to announce that it has entered into an\narrangement agreement (the “\n \n \n Arrangement Agreement\n \n \n ”) with SRQ Resources\nInc. (“\n \n \n SRQ\n \n \n ”), a wholly-owned subsidiary of Sama, pursuant to which\nthe parties intend to complete a spin-out transaction (the\n“\n \n \n Spin-Out\n \n \n ”) of the SRQ common shares (the “\n \n \n SRQ Shares\n \n \n ”).\n \n \n \n \n The Spin-Out will be completed by way of a court\napproved plan of arrangement under the Canada Business Corporations\nAct (the “\n \n \n PoA\n \n \n ”). Upon completion of the PoA, holders of common shares of\nSama (“\n \n \n Sama\nShares\n \n \n ”) are to receive:\n \n \n \n \n \n \n one new share in the reorganized capital of Sama\n(\n \n \n New Sama Share\n \n \n ”) for every one Sama Share held at the effective time of\nthe PoA (the “\n \n \n Effective\nTime\n \n \n ”); and\n \n \n \n \n \n \n one SRQ Share for every ten Sama Shares held at the\nEffective Time.\n \n \n \n \n \n \n “The SRQ Spin-Out marks a significant milestone for\nthe Company and our shareholders. Following two years of grassroot\nefforts with exciting results on the SRQ properties, we believe this\nSpin-Out represents the best opportunity to create value for our\nshareholders and unearth the vast mineral potential of the Grenville\nregion of Quebec,\" said M. Benoit La Salle, Executive Chairman of\nthe Board for Sama Resources Inc.\n \n \n \n \n Dr Marc-Antoine Audet, CEO and President of Sama\nResources Inc. added \"The SRQ Spin-Out represents an exciting\nchapter in our exploration journey for new base metals discoveries.\nSama will continue to  focus on the research and development of our\nbase metal camp in West Africa, and SRQ will be solely focused on the\ncreation of a North American nickel power play, nota...