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Zeus Mining Announces Spin Out of the Chlore Property to Subsidiary by Plan of Arrangement
VANCOUVER, BC / ACCESSWIRE / August 27, 2024 / Zeus North America Mining Corp. (formerly Umdoni Exploration Inc.) (CSE:ZEUS) (OTCQB:ZUUZF) (FRA:O92) (the "Compa
About this update from Zeus North America Mining Corp
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / August 27, 2024 / Zeus North America Mining Corp. (formerly Umdoni Exploration Inc.) (CSE:ZEUS) (OTCQB:ZUUZF) (FRA:O92) (the \"Company\" or \"Zeus\") announces the Plan of Arrangement dated for reference August 26, 2024 (the \"Arrangement\") to spin out its Chlore Property located in the Omineca Mining Division of North-Central British Columbia to Zeus' subsidiary Kelso Mining Inc. (\"Kelso\"). Under the terms of the Arrangement, Zeus' shareholders will be issued one share of Kelso with respect to every 150 shares of Zeus owned on the share distribution record date (the \"Share Distribution Record Date\"), which will be determined by Zeus's Board of Directors and announced by a news release in advance. Holders of Zeus options and warrants, who exercise their options and/or warrants before the Share Distribution Record Date, will also be entitled to receive one share of Kelso with respect to every 150 shares of Zeus. The Chlore Property will be transferred to Kelso. Upon completion of the Arrangement, Zeus shareholders will ultimately own shares in two public companies: Zeus, which will be focused on its properties in the State of Idaho known as the Cuddy Mountain, Selway and Great Western properties and Kelso, which will focus on the Chlore Property. Completion of the Arrangement is subject to a number of conditions, including the following: the approval by the shareholders of Zeus by a special resolution at a special meeting (the \"Meeting\"); the approval of the Supreme Court of British Columbia; and the acceptance of the Arrangement by the Canadian Securities Exchange. The Arrangement cannot be completed until all the above conditions are met. A copy of the Arrangement will be posted on www.sedarplus.ca under the profile of the Company. Additional details regarding the Arrangement will be included in the information circular of the Company, which will be mailed to the shareholders of Zeus prior to the Meeting. On behalf of the board of directors. \"Dean Besserer\"President and CEO For more information, please contact the Company at [email protected] FOR INVESTOR RELATIONS CONTACT:Kin Communications Inc.Ph: [email protected] About Zeus North America Mining Corp. The Company is in the business of mineral exploration. The Company is focused on its exploration properties in...