Business
Starfire proposes corporate reorganization
TSXV: SFR VANCOUVER, Jan. 7 /CNW/ - Starfire Minerals Inc. (the "Company" or "Starfire") wishes t...
About this update from Sandfire Resources America Inc.
[{"type":"text","content":"\n\n\n\nTSXV: SFR\n\n\nVANCOUVER, Jan. 7 /CNW/ - Starfire Minerals Inc. (the "Company" or\n"Starfire") wishes to announce that the Board of Directors of the Company has\napproved a major corporate reorganization of the Company in order to maximize\nshareholder value. Management of the Company has concluded that Starfire's\nasset value is not fully reflected in its share price and that the Company is\ncurrently trading below the combined value of its various assets. In order to\nunlock shareholder value, Starfire will carry out a corporate reorganization\nto crystallize and separate each major asset group into its own clearly\nfocused public company. The reorganization will result in three public\ncompanies, each with its own focused group of properties.\n\n\nThe Company has completed an independent fairness opinion and valuation\nto assess the Company's property portfolio and to assist it in determining the\ndivision of properties into the major asset groups which will form the\nbusinesses of the three individual companies.\n\n\nAccordingly, the Company proposes to carry out the reorganization,\nsubject to required regulatory, legal and shareholder approvals, through a\nplan of arrangement (the "POA") with the result that on completion of the POA,\nshareholders of the Company will hold shares in three public companies as\nfollows:\n\n\n(a) one public company, Starfire Minerals Inc., that will be comprised of\n the Company's Porphyry Pearl property located in British Columbia and\n the Black Township property, located in Ontario;\n\n(b) one public company, Starfire Nickel Inc., that will be comprised of\n the Company's current nickel properties (being the Langmuir\n (Timmins), Shaw Township, Eldorado Township and Carman Township\n properties) located in Ontario; and\n\n(c) one public company, Starfire Uranium Inc., that will be comprised of\n the Company's current uranium properties (being the Capri, Cross\n Structure, Otish Mountain and Lordeau properties, located in Quebec\n and the Stobie Lake, Montreal River South, Montreal River North\n properties),located in Ontario.\n\n\nUnder the statutory provisions governing the POA, the Company is required\nto seek preliminary and final court approval to carry out and complete the\nreorganization, (which is customary in all transactions of this nature).\nF...