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Cruz Announces Record Date for Spin-Out of Hector Silver-Cobalt Project

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Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) has announced the record date for its spin-out of the Hector Silver-Cobalt Project. The arrangement involves transferring the project to Cruz's wholly-owned subsidiary, Makenita Resources Inc., and distributing Makenita shares to Cruz shareholders. Key dates include:

  • Record date: October 29, 2024
  • Mailing date: November 5, 2024
  • Meeting date: December 11, 2024

Shareholders of record will receive free Makenita shares while retaining 100% of their Cruz shares. The spin-out aims to create a separate reporting issuer focused on the Hector Property, while Cruz will concentrate on its US lithium and cobalt projects. The arrangement requires shareholder and regulatory approvals, with completion expected by the end of Q4 2024.

Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) ha annunciato la data di registrazione per il suo spin-off del Progetto Hector Silver-Cobalt. L'accordo prevede il trasferimento del progetto alla controllata interamente posseduta da Cruz, Makenita Resources Inc., e la distribuzione delle azioni di Makenita agli azionisti di Cruz. Le date chiave includono:

  • Data di registrazione: 29 ottobre 2024
  • Data di invio: 5 novembre 2024
  • Data dell'assemblea: 11 dicembre 2024

Gli azionisti registrati riceveranno azioni gratuite di Makenita mantenendo il 100% delle loro azioni Cruz. Lo spin-off mira a creare un emittente separato che si concentri sulla Proprietà Hector, mentre Cruz si concentrerà sui suoi progetti di litio e cobalto negli Stati Uniti. L'accordo richiede approvazioni da parte degli azionisti e delle autorità di regolamentazione, con completamento previsto entro la fine del quarto trimestre 2024.

Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) ha anunciado la fecha de registro para su escisión del Proyecto Hector Silver-Cobalt. El acuerdo implica transferir el proyecto a la subsidiaria de propiedad total de Cruz, Makenita Resources Inc., y distribuir acciones de Makenita a los accionistas de Cruz. Las fechas clave incluyen:

  • Fecha de registro: 29 de octubre de 2024
  • Fecha de envío: 5 de noviembre de 2024
  • Fecha de la reunión: 11 de diciembre de 2024

Los accionistas registrados recibirán acciones gratuitas de Makenita mientras retienen el 100% de sus acciones de Cruz. La escisión tiene como objetivo crear un emisor que informe por separado enfocado en la Propiedad Hector, mientras que Cruz se concentrará en sus proyectos de litio y cobalto en EE.UU. El acuerdo requiere aprobaciones de los accionistas y de los reguladores, con la finalización prevista para finales del cuarto trimestre de 2024.

Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF)는 Hector Silver-Cobalt 프로젝트의 스핀오프 기록 날짜를 발표했습니다. 이 협정은 프로젝트를 Cruz의 자회사인 Makenita Resources Inc.로 이전하고, Makenita 주식을 Cruz 주주에게 배분하는 것으로 이루어져 있습니다. 주요 날짜는 다음과 같습니다:

  • 기록 날짜: 2024년 10월 29일
  • 우편 발송 날짜: 2024년 11월 5일
  • 회의 날짜: 2024년 12월 11일

기록된 주주들은 무료로 Makenita 주식을 받으며, Cruz 주식의 100%를 유지합니다. 스핀오프는 Hector 재산에 집중하는 별도의 보고 회사 생성을 목표로 하며, Cruz는 미국의 리튬 및 코발트 프로젝트에 집중할 것입니다. 이 협정은 주주와 규제 기관의 승인을 필요로 하며, 2024년 4분기 말까지 완료될 것으로 예상됩니다.

Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) a annoncé la date d'enregistrement pour son spin-off du Projet Hector Silver-Cobalt. L'accord implique le transfert du projet à la filiale entièrement détenue par Cruz, Makenita Resources Inc., et la distribution d'actions de Makenita aux actionnaires de Cruz. Les dates clés incluent :

  • Date d'enregistrement : 29 octobre 2024
  • Date d'envoi : 5 novembre 2024
  • Date de réunion : 11 décembre 2024

Les actionnaires enregistrés recevront des actions gratuites de Makenita tout en conservant 100 % de leurs actions Cruz. Le spin-off vise à créer un émetteur de rapport séparé axé sur la propriété Hector, tandis que Cruz se concentrera sur ses projets de lithium et de cobalt aux États-Unis. L'accord nécessite l'approbation des actionnaires et des régulateurs, et l'achèvement est prévu d'ici la fin du quatrième trimestre 2024.

Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) hat das Stichtagsdatum für die Abspaltung des Hector Silver-Cobalt-Projekts bekannt gegeben. Die Vereinbarung beinhaltet die Übertragung des Projekts an die zu 100 % im Besitz von Cruz befindliche Tochtergesellschaft Makenita Resources Inc. sowie die Verteilung von Makenita-Aktien an die Aktionäre von Cruz. Wichtige Termine sind:

  • Stichtag: 29. Oktober 2024
  • Versanddatum: 5. November 2024
  • Versammlungsdatum: 11. Dezember 2024

Die registrierten Aktionäre erhalten kostenlose Makenita-Aktien, während sie 100 % ihrer Cruz-Aktien behalten. Die Abspaltung zielt darauf ab, einen separaten Berichtsemissionären zu schaffen, der sich auf das Hector-Projekt konzentriert, während sich Cruz auf seine Lithium- und Kobaltprojekte in den USA konzentrieren wird. Die Vereinbarung erfordert die Genehmigung der Aktionäre und der Aufsichtsbehörden, wobei der Abschluss bis Ende des vierten Quartals 2024 erwartet wird.

Positive
  • Cruz shareholders will receive free Makenita shares without dilution of their Cruz holdings
  • Cruz has over $1 million in treasury, allowing for strategic opportunities
  • The spin-out creates a focused entity for the Hector Silver-Cobalt Project
  • Makenita plans to raise approximately $500,000 through financing
Negative
  • The spin-out transaction is subject to various approvals and conditions
  • Completion of the arrangement is not guaranteed and depends on market conditions

Vancouver, British Columbia--(Newsfile Corp. - October 4, 2024) - Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) (FSE: A3CWU7) ("Cruz" or the "Company") is pleased to announce that, further to its news release dated August 1, 2024 and September 6, 2024 (the "Arrangement Agreement") it has entered into an arrangement agreement with its wholly-owned subsidiary, Makenita Resources Inc. ("Makenita"), pursuant to which the Company intends to: (i) transfer all of its rights, title and interest in and to its Hector Silver-Cobalt Project (the "Hector Property"), consisting of 126 contiguous unpatented mineral claims totaling 2,243 hectares (5,542-acres), located within the Coleman and Gillies Limit Townships, Larder Lake Mining Division, Timiskaming District, Ontario, Canada, and (ii) spin-out all of the securities of Makenita received in consideration for the Hector Property (the "Makenita Spinout Share") to Cruz's securityholders on a pro rata basis, all pursuant to a statutory plan of arrangement (the "Arrangement") to be effected under Part 9, Division 5 of the Business Corporations Act (British Columbia) (the "BCBCA").

The record date will be October 29, 2024. The mailing date will be November 5, 2024 and the Meeting date will be December 11, 2024. The meeting is being held by Notice and Access and we recommend and encourage everyone to vote in person or by proxy in support of the Arrangement.

James Nelson, President of Cruz states, "We now have a record date for the spin out. You must be a shareholder of record on October 29, 2024 to receive the free shares of Makenita and maintain 100 percent of your Cruz shares as well. This is a very nice bonus for shareholders of record to receive free shares without any additional cost to them. Cruz has well over a million dollars in the treasury currently allowing Cruz the ability to be nimble and opportunistic to maximize the shareholders' value in the short and medium term going forward."

The Arrangement will result in Makenita becoming a separate "reporting issuer" in each of Alberta, British Columbia and Ontario, and will allow it to focus on the development of the Hector Property. The Hector Property will be Makenita's material property for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The Company will focus on the development of its Solar Lithium Project and Clayton Valley Lithium Project in Nevada, and its Idaho Cobalt Belt Project in Idaho (collectively, the "US Properties") and intends to seek to acquire more advanced assets of business opportunities of merit.

The Transaction

The Arrangement will include a transfer of the Hector Property to Makenita, a share capital reorganization of Cruz, and a securities exchange whereby, among other things, Cruz's shareholders will receive Makenita Spinout Shares. The existing common shares in the capital of Cruz will be renamed and redesignated as Class A common shares (each, a "Cruz Class A Share") and Cruz will create a new class of voting common shares (each, a "New Cruz Share"). Each Cruz Class A Share will be exchanged for one New Cruz Share and 0.1 of a Makenita Spinout Share. As part of the Arrangement, all outstanding Cruz stock options, warrants and restricted share units will be adjusted to allow holders to acquire, upon exercise, New Cruz Shares and common shares of Makenita (each, a "Makenita Share") in amounts reflective of the relative fair market values of Cruz and Makenita at the effective time of the Arrangement.

On completion of the Arrangement, Cruz shareholders and holders of Cruz stock options, warrants and restricted share units will maintain their interest in Cruz and will obtain a proportionate interest in Makenita.

In connection with the Arrangement, Makenita intends to seek a listing of the Makenita Shares on the Canadian Securities Exchange ("CSE"). Additionally, Makenita will undertake one or more offerings of securities to raise gross proceeds of approximately $500,000 (the "Makenita Financing"), or such other amount as the board of directors of Makenita may determine, to, among other things, finance its exploration activities on the Hector Property and to fund its working capital requirements. Jason Gigliotti will be the President of Makenita. Certain insiders of Cruz may participate in the Makenita Financing. Accredited investors may contact Jason Gigliotti directly with questions or interest in the planned placement. Toll free at 1.855.646.6901 or makenitaresources@gmail.com

Approvals

The Company intends to obtain an interim order (the "Interim Order") from the Supreme Court of British Columbia (the "Court") to authorize the Company to call a shareholder's meeting to, among other things, approve the Arrangement. The Arrangement will be subject to, among other conditions, final court approval, approval by not less than two-thirds of the votes cast at the special shareholder's meeting of Cruz shareholders (the "Meeting"), and approval of the CSE.

The Arrangement is anticipated to be completed by the end of the fourth quarter of 2024, subject to receipt of the aforementioned approvals and satisfaction of other closing conditions.

For more information on the Arrangement, please see the Company's news release dated August 1 2024, and September 6, 2024.

About Cruz Battery Metals Corp.

Cruz currently has several projects located throughout North America. Cruz's Nevada lithium projects consist of the 4,938-acre 'Solar Lithium Project' and the 240-acre 'Clayton Valley Lithium Project'. Cruz's 5.542-acre Hector Property is located in the vicinity of the town of Cobalt, Ontario, which is prospective for cobalt, silver and diamonds. Cruz also has the 124-acre 'Idaho Cobalt Belt Project'. Management cautions that past results or discoveries on properties in proximity to Cruz may not necessarily be indicative of the presence of mineralization on the Company's properties. If you would like to be added to Cruz's news distribution list, please send your email address to info@cruzbatterymetals.com.

Cruz Battery Metals Corp.

"James Nelson"

James Nelson
President, Chief Executive Officer, Secretary and Director

For more information regarding this news release, please contact:
James Nelson, CEO and Director
T: 604-899-9150
Toll free: 1-855-599-9150
E: info@cruzbatterymetals.com
W: www.cruzbatterymetals.com
Twitter: @CruzBattMetals

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including whether or not the Company will proceed with the Spin-Out as currently proposed or at all, the anticipated timeline of the Spin-Out, the expected terms and structure of the Spin-Out and the parties' ability to satisfy closing conditions and receive necessary approvals and the belief that the Spin-Out will provide value as a stand-alone asset. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements such as the inability to obtain regulatory, Court or shareholder approval, the inability of Cruz or SpinCo to finance growth and transactions expenses, and other risks as set out in the Company's periodic disclosure documents available on SEDAR+. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Spin-Out will occur or that, if the Spin-Out does occur, it will be completed on the terms described above. The Company does not assume any responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225540

FAQ

What is the record date for Cruz Battery Metals Corp.'s (BKTPF) spin-out of the Hector Silver-Cobalt Project?

The record date for Cruz Battery Metals Corp.'s (BKTPF) spin-out of the Hector Silver-Cobalt Project is October 29, 2024.

How many Makenita shares will Cruz Battery Metals Corp. (BKTPF) shareholders receive in the spin-out?

Cruz Battery Metals Corp. (BKTPF) shareholders will receive 0.1 Makenita Spinout Share for each Cruz Class A Share they hold.

When is the shareholder meeting for Cruz Battery Metals Corp. (BKTPF) to approve the Hector Project spin-out?

The shareholder meeting for Cruz Battery Metals Corp. (BKTPF) to approve the Hector Project spin-out is scheduled for December 11, 2024.

What is the expected completion date for Cruz Battery Metals Corp.'s (BKTPF) spin-out transaction?

Cruz Battery Metals Corp. (BKTPF) anticipates completing the spin-out transaction by the end of the fourth quarter of 2024, subject to approvals and conditions.

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