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Proposed Spin-out of Teuton Copper-Gold Properties Located South of the Sulphurets Hydrothermal System; Application for OTC QB Listing; Advisory Board
(TheNewswire) Vancouver, Canada – TheNewswire – April 24, 2023 ȁ...
About this update from Teuton Resources Corp.
[{"type":"text","content":"Proposed Spin-out of Teuton Copper-Gold Properties Located South of the Sulphurets Hydrothermal System; Application for OTC QB Listing; Advisory Board\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n Vancouver, Canada –\n \n \n TheNewswire – April 24, 2023\n \n \n –– Teuton Resources Corp.\n \n \n (“Teuton” or “the\nCompany”) (TSXV:TUO) (Frankfurt:TFE)\n \n \n is\nplanning a spin-out of its mineral property assets located south of\nthe Sulphurets Hydrothermal System (“SHS”) in the Golden Triangle\nregion of northwestern British Columbia.  These assets include, among\nothers, the Big Gold, Eskay Rift, Tennyson, Pearson, Leduc Silver,\nFour J’s and Harry properties.  Properties presently under option,\nsuch as the Harry, will be assigned Teuton’s interest in the option,\nthe rest are all 100% owned by the Company.\n \n \n \n \n The spin-out will proceed in two phases:  in the first\nphase, the tax implications of the spin-out will be studied to\ndetermine the most efficacious method of transferring the assets.\n Once a favourable tax assessment is received from the Company’s\ntax advisor, the spin-out will advance to a formal second phase.\n Phase two will entail a share capital reorganization effected\nthrough a statutory plan of arrangement (the \"Arrangement\").\n Under the Arrangement, Teuton will transfer the defined assets to a\nwholly-owned subsidiary as yet unnamed (for the purposes of this news\nrelease -- “Company X”).  Shares in Company X will then be\ndistributed to Teuton’s shareholders pro rata their interest in\nTeuton under a formula yet to be determined.  The spinout transaction\nwill be effected pursuant to the arrangement provisions of\nthe\n \n \n Business Corporations\nAct\n \n \n (British Columbia) and must be approved by\nthe Supreme Court of British Columbia and by the affirmative vote of\ntwo-thirds (2/3) of Teuton's shareholders in attendance at a\nshareholders' meeting.  The transaction and the listing of Company X\nwill also be subject to the approval of the TSX Venture\nExchange.\n \n \n \n Upon completion of the Arrangement, Teuton’s shareholders will own\nshares in two public companies.   Teuton will issue a comprehensive\nnews rele...