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Mawson Provides Update on Spin Out of Uranium Assets, Name Change, Consolidation and SXG Scheme of Arrangement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"Mawson Provides Update on Spin Out of Uranium Assets, Name Change, Consolidation and SXG Scheme of Arrangement NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES. VANCOUVER, BC / ACCESSWIRE / January 7, 2025 / Mawson Gold Limited (\"Mawson\" or the \"Company\") (TSXV:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) announces that in connection with the proposed completion of the Spin Out of Uranium Assets, Name Change, Consolidation and SXG Scheme of Arrangement, it has been advised by TSX Venture Exchange (the \"Exchange\") that the Company's shares will be halted from trading at market open on Friday, January 10, 2025. It is anticipated that the Company's shares will remain halted until market open on Wednesday, January 15, 2025.1. SUA Holdings Limited - Spin Out of Uranium Assets via Plan of Arrangement (the \"Arrangement\")It is anticipated that effective at 12:01 a.m. (Vancouver time) (the \"Effective Time\") on Friday, January 10, 2025 (the \"Effective Date\"), the Company will complete the distribution of 100% of the common shares of SUA (the \"SUA Shares\") held by it to the Company shareholders on a pro rata basis. Pursuant to the Arrangement, among other matters, the holders of common shares of the Company at the Effective Time will be entitled to receive one SUA Share for each Mawson common share (a \"Mawson Share\") held. As a result, on the Effective Date, Mawson shareholders will continue to hold their Mawson Shares and will also become shareholders of SUA and SUA will cease to be a subsidiary of Mawson. Following completion of the Arrangement, SUA will become a reporting issuer in British Columbia, Alberta and Ontario. Management of SUA does not intend to apply to list the SUA Shares on any recognized stock exchange at this time. Management of SUA will assess all SUA's options and determine the best course of action for SUA in the event that legislative changes in Sweden result in lifting the moratorium on uranium mining. There can be no assurance as to if, or when, the SUA Shares will be listed for trading on any stock exchange. The necessary tax filings will be made such that SUA will be deemed to be a public corporation for Canadian income tax purposes and, as a result, SUA Shares will be...