Cruz Battery Metals and Makenita Resources Announce Closing of Plan of Arrangement and CSE Conditional Approval for the Makenita Shares
Cruz Battery Metals (CSE: CRUZ, OTC: BKTPF) and Makenita Resources have completed their previously announced plan of arrangement, involving the spin-off of Makenita from Cruz. The arrangement included the transfer of Cruz's Hector Silver-Cobalt Project, consisting of 126 contiguous unpatented mineral claims totaling 2,243 hectares in Ontario, to Makenita in exchange for 16,787,996 Makenita shares.
Shareholders at the close of business on December 20, 2024, received one New Cruz Share and 0.1 of a Makenita Share for each Existing Cruz Share. Makenita has received conditional approval from the Canadian Securities Exchange for listing its shares under the ticker symbol 'KENY', pending final documentation requirements.
Cruz Battery Metals (CSE: CRUZ, OTC: BKTPF) e Makenita Resources hanno completato il piano di ristrutturazione precedentemente annunciato, che prevede lo spin-off di Makenita da Cruz. L'accordo ha incluso il trasferimento del Progetto Silver-Cobalt Hector di Cruz, composto da 126 concessioni minerarie contigue non brevettate per un totale di 2.243 ettari in Ontario, a Makenita in cambio di 16.787.996 azioni Makenita.
Gli azionisti alla chiusura dell’attività il 20 dicembre 2024 hanno ricevuto una Nuova Azione Cruz e 0,1 di un'Azione Makenita per ciascuna Azione Cruz Esistente. Makenita ha ricevuto approvazione condizionale dalla Borsa Valori Canadese per l'emissione delle sue azioni con il simbolo ticker 'KENY', in attesa dei requisiti finali di documentazione.
Cruz Battery Metals (CSE: CRUZ, OTC: BKTPF) y Makenita Resources han completado su plan de reestructuración previamente anunciado, que implica la escisión de Makenita de Cruz. El acuerdo incluyó la transferencia del Proyecto de Plata-Cobalto Hector de Cruz, que consiste en 126 reclamaciones mineras contiguas no patentadas que totalizan 2,243 hectáreas en Ontario, a Makenita a cambio de 16,787,996 acciones de Makenita.
Los accionistas al cierre de operaciones del 20 de diciembre de 2024 recibieron una Nueva Acción Cruz y 0.1 de una Acción Makenita por cada Acción Cruz Existente. Makenita ha recibido aprobación condicional de la Bolsa de Valores de Canadá para listar sus acciones bajo el símbolo ticker 'KENY', a la espera de los requisitos finales de documentación.
Cruz Battery Metals (CSE: CRUZ, OTC: BKTPF)와 Makenita Resources는 이전에 발표된 계획에 따라 Makenita가 Cruz에서 분리되는 스핀오프 작업을 완료했습니다. 이 협정에는 Cruz의 헥터 은-코발트 프로젝트를 2,243헥타르의 126 개의 인접 비특허 광물 청구권과 함께 Makenita에게 이전하는 것이 포함되며, 이 대가로 16,787,996개의 Makenita 주식을 받았습니다.
2024년 12월 20일 영업 마감 시점의 주주들은 기존의 Cruz 주식 1주당 새로운 Cruz 주식 1주와 Makenita 주식 0.1주를 받게 됩니다. Makenita는 최종 문서 요구 사항을 기다리며 'KENY'라는 티커 심볼 아래 자사 주식을 상장하기 위해 캐나다 증권 거래소의 조건부 승인을 받았습니다.
Cruz Battery Metals (CSE: CRUZ, OTC: BKTPF) et Makenita Resources ont terminé leur plan de réorganisation précédemment annoncé, impliquant la séparation de Makenita de Cruz. L'arrangement comprenait le transfert du projet Hector Argent-Cobalt de Cruz, composé de 126 revendications aux minéraux contiguës non brevetées, totalisant 2.243 hectares en Ontario, à Makenita en échange de 16.787.996 actions Makenita.
Les actionnaires à la clôture des affaires le 20 décembre 2024 ont reçu une nouvelle action Cruz et 0,1 action Makenita pour chaque action Cruz existante. Makenita a reçu une approbation conditionnelle de la Bourse des valeurs canadienne pour l'inscription de ses actions sous le symbole boursier 'KENY', sous réserve des exigences documentaires finales.
Cruz Battery Metals (CSE: CRUZ, OTC: BKTPF) und Makenita Resources haben ihren zuvor angekündigten Restrukturierungsplan abgeschlossen, der die Abspaltung von Makenita von Cruz beinhaltet. Die Vereinbarung umfasste die Übertragung des Hector Silber-Kobalt-Projekts von Cruz, das aus 126 zusammenhängenden, nicht patentierten Bergbauansprüchen besteht und insgesamt 2.243 Hektar in Ontario umfasst, an Makenita im Austausch für 16.787.996 Makenita-Aktien.
Aktionäre am Geschäftsschluss am 20. Dezember 2024 erhielten eine neue Cruz-Aktie und 0,1 einer Makenita-Aktie für jede vorhandene Cruz-Aktie. Makenita hat von der Canadian Securities Exchange eine bedingte Genehmigung für die Listung ihrer Aktien unter dem Tickersymbol 'KENY' erhalten, vorbehaltlich der endgültigen Dokumentationsanforderungen.
- Successful completion of the spin-off arrangement, creating two separate entities
- Makenita received conditional CSE listing approval, potentially increasing visibility and liquidity
- Shareholders receive additional value through Makenita shares distribution
- Reduction in Cruz's asset portfolio through the transfer of the Hector Property
Vancouver, British Columbia--(Newsfile Corp. - December 23, 2024) - Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) (FSE: A3CWU7) (the "Company" or "Cruz") and Makenita Resources Inc. ("Makenita") announce that, further to Cruz's news release dated December 17, 2024, the previously announced plan of arrangement (the "Arrangement"), involving the spin-off of Makenita from Cruz, closed today. In addition, Makenita has received conditional approval from the Canadian Securities Exchange (the "CSE") for the listing of its common shares (the "Makenita Shares") on the CSE, subject to customary requirements of the CSE, including receipt of all required documentation.
The Arrangement
The Arrangement was approved by the shareholders (the "Shareholders") of Cruz's common shares at a special meeting held on December 11, 2024 and by the Supreme Court of British Columbia in its final order dated December 16, 2024.
The Arrangement included a transfer of Cruz's ownership and rights in and to the 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 to Makenita in consideration of 16,787,996 Makenita Shares. In addition, the Company completed a capital reorganization which included the renaming and re-designation of its common shares (the "Existing Cruz Shares") and the creation of a new class of common shares (the "New Cruz Shares"). The Shareholders at the close of business on December 20, 2024 received one New Cruz Share and 0.1 of a Makenita Share in exchange for each Existing Cruz Share that was held by such Shareholder.
Following the closing of the Arrangement, Makenita is now a separate unlisted "reporting issuer" in each of British Columbia, Alberta, and Ontario. Makenita now holds all rights, title and interests in and to the Hector Property.
For additional details regarding the Arrangement, see Cruz's management information circular as filed on Cruz's profile on SEDAR+ on November 1, 2024, and Cruz's news releases dated August 1, 2024, September 6, 2024, October 4, 2024, October 25, 2024, and December 17, 2024.
CSE Listing for Makenita Shares
Makenita has received conditional approval from the CSE for the listing of the Makenita Shares on the CSE, subject to customary requirements of the CSE, including receipt of all required documentation. Upon listing on the CSE, it is expected that the Makenita Shares will trade under the ticker symbol "KENY".
Makenita is pursuing a listing on the CSE to enhance its investor profile as a part of its capital markets initiatives, with the goal of enhancing shareholder value. Makenita will provide an additional update once it receives final approval from the CSE for the listing of the Makenita Shares. The update will include the anticipated commencement date for trading of the Makenita Shares on the CSE.
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 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.
About Makenita Resources Inc.
Makenita currently has rights in and to 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.
Cruz Battery Metals Corp.
"James Nelson"
James Nelson
President, Chief Executive Officer, Secretary and Director
Makenita Resources Inc.
"Jason Gigliotti"
Jason Gigliotti
President, Chief Executive Officer and Director
For more information regarding this news release, please contact:
Cruz Battery Metals Inc.
James Nelson, CEO, Secretary and Director
T: 604-899-9150
Toll free: 1-855-599-9150
E: info@cruzbatterymetals.com
W: www.cruzbatterymetals.com
Twitter: @CruzBattMetals
Makenita Resources Inc.
Jason Gigliotti, President, CEO and Director
T: 604-609-6527
E: makenitaresources@gmail.com
W: www.makentiaresources.com
The CSE has neither approved nor disapproved of the contents of this press release.
Forward-Looking Statements
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements in this news release include, but are not limited to, statements regarding CSE listing approval, and the business focus of each of Cruz and Makenita. Important factors that could cause actual results to differ materially from the parties' expectations include unanticipated market, economic and other conditions which may adversely affect the parties' ability to execute on their respective business plans, Makenita's inability to satisfy all listing requirements of the CSE, and other risks detailed from time to time in the filings made by the parties' with the securities regulatory authorities. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Cruz and Makenita. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Cruz and Makenita disclaim any intention or obligation to update or revise such information, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235025
FAQ
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