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Solaris Announces Proposed Spin-Out of Non-Core Assets to Create Solaris Exploration Inc.
Solaris Announces Proposed Spin-Out of Non-Core Assets to Create Solaris Exploration Inc....
About this update from Solaris Resources Inc
[{"type":"text","content":"\n \n \n \n Solaris Announces Proposed Spin-Out of Non-Core Assets to Create Solaris Exploration Inc.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Dec. 6, 2021\n \n /CNW/ -\n \n Solaris Resources Inc\n \n . (TSX: SLS) (OTCQB: SLSSF) (\"\n \n Solaris\n \n \" or the \"\n \n Company\n \n \") announces its intention to transfer its non-core assets held in\n \n Ecuador\n \n ,\n \n Peru\n \n ,\n \n Chile\n \n and\n \n Mexico\n \n into a newly incorporated wholly-owned subsidiary of Solaris named Solaris Exploration Inc. (\"\n \n Solaris Exploration\n \n \") pursuant to an internal re-organization (the \"\n \n Re-Organization\n \n \"). Following the Re-Organization, it is expected that 100% of the common shares of Solaris Exploration will be spun out to shareholders relative to their shareholdings in Solaris (the \"\n \n Spin-Out\n \n \").  Solaris will continue to focus on rapidly growing and advancing its Warintza Project in southeastern\n \n Ecuador\n \n , while Solaris Exploration will allow shareholders to capture additional long-term value from the Solaris Exploration shares distributed pursuant to the Spin-Out.\n \n \n \n \n \n \n \n \n \n \n Terms of Proposed Spin-Out\n \n \n \n The Spin-Out is anticipated to occur by way of a plan of arrangement under the\n \n Business Corporations Act\n \n (\n \n British Columbia\n \n ). Solaris shareholders will vote on the Spin-Out at a meeting of shareholders (the \"\n \n Meeting\n \n \") to be held on a date to be announced. To be effective, it is expected that the Spin-Out will require approval by (i) at least 66⅔% of the votes cast by Solaris shareholders present in person or represented by proxy at the Meeting, which shareholders are entitled to one vote for each Solaris share held; and (ii) if required, a majority of the votes cast by shareholders other than those required to be excluded pursuant to Multilateral Instrument 61-101 –\n \n Protection of Minority Security Holders in Special Transactions\n \n . The Re-Organization and the S...