- Cruz Battery Metals (CSE:CRUZ) will transfer all of its rights, title and interest in its Hector Silver-Cobalt Project to securityholders
- An arrangement agreement was signed with its wholly owned subsidiary, Makenita Resources Inc. to transfer the rights and spin-out all the securities Makenita received in consideration for the property
- Cruz’s 22,427-square-metre Hector property is in the vicinity of the town of Cobalt, Ontario, which is prospective for cobalt, silver and diamonds
- Cruz Battery Metals Corp. last traded at $0.04 per share
Cruz Battery Metals (CSE:CRUZ) will transfer all of its rights, title and interest in its Hector Silver-Cobalt Project to securityholders.
In a media release, the Vancouver-based miner explained that an arrangement agreement was signed with its wholly owned subsidiary, Makenita Resources Inc., to transfer the rights and spin-out all the securities Makenita received in consideration for the property.
Cruz’s 22,427-square-metre Hector property is in the vicinity of the town of Cobalt, Ontario, which is prospective for cobalt, silver and diamonds.
Makenita will become a separate “reporting issuer” in Alberta, British Columbia, and Ontario, to focus on the development of the property. Cruz intends to hone its focus on the development of its Solar Lithium Project and Clayton Valley Lithium Project in Nevada, as well as its Idaho Cobalt Belt Project and Idaho Star Cobalt Project.
Under the transaction, Cruz’s shareholders will receive Makenita spin-out shares while Makenita will seek a listing of the Makenita shares on the Canadian Securities Exchange.
Pending regulatory approvals, this arrangement is anticipated to be completed by the end of Q3 2024.
Securityholders have a broader scope compared with shareholders. They include shareholders and anyone who holds other types of securities issued by the company. These additional securities might include bonds, notes or options.
Cruz Battery Metals has several projects throughout North America. The company has two lithium projects in Nevada, the Solar Lithium Project and the Clayton Valley Lithium Project. According to the company, it is one of the largest landholders in the surrounding Big Smoky Valley.
Cruz Battery Metals Corp. (CSE:CRUZ) last traded at $0.04 per share.
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(Top image Cruz Battery Metals Corp.)