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RETRANSMISSION: 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 will result in Makenita becoming a separate reporting issuer, focusing on the Hector Property development. Cruz will concentrate on its US Properties and seek new opportunities. The arrangement includes a share capital reorganization and is subject to court and shareholder 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 consociata interamente controllata da Cruz, Makenita Resources Inc., e la distribuzione delle azioni 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 Makenita gratuite mantenendo il 100% delle loro azioni Cruz. Lo spin-off porterà Makenita a diventare un emittente separato, concentrandosi sullo sviluppo della proprietà Hector. Cruz si concentrerà sulle sue proprietà negli Stati Uniti e cercherà nuove opportunità. L'accordo include una riorganizzazione del capitale azionario ed è soggetto all'approvazione del tribunale e degli azionisti, 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 Makenita Resources Inc., una filial de propiedad total de Cruz, 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 de Makenita de forma gratuita mientras retienen el 100% de sus acciones de Cruz. La escisión hará que Makenita se convierta en un emisor separado, centrándose en el desarrollo de la propiedad Hector. Cruz se concentrará en sus propiedades en EE. UU. y buscará nuevas oportunidades. El acuerdo incluye una reorganización del capital social y está sujeto a la aprobación del tribunal y de los accionistas, con un completamiento previsto para finales del cuarto trimestre de 2024.

Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF)는 헥터 실버-코발트 프로젝트의 스핀오프에 대한 기록 날짜를 발표했습니다. 이 arrangement는 프로젝트를 Cruz의 자회사인 Makenita Resources Inc.에 이전하고 Makenita 주식을 Cruz 주주에게 분배하는 내용을 포함합니다. 주요 날짜는 다음과 같습니다:

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

기록된 주주들은 자신들의 Cruz 주식을 100% 유지하면서 무료로 Makenita 주식을 받을 것입니다. 스핀오프는 Makenita가 헥터 자산 개발에 집중하는 별도의 보고 기업으로 발전할 것입니다. Cruz는 미국 자산에 집중하고 새로운 기회를 모색할 것입니다. 이 arrangement는 주식 자본 재조정이 포함되어 있으며, 법원 및 주주 승인을 받아야 하고, 2024년 4분기 말까지 완료될 것으로 예상됩니다.

Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) a annoncé la date d'enregistrement pour sa scission 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 des actions de Makenita aux actionnaires de Cruz. Les dates clés comprennent :

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

Les actionnaires enregistrés recevront gratuitement des actions Makenita tout en conservant 100 % de leurs actions Cruz. La scission entraînera la création de Makenita en tant qu'émetteur distinct, se concentrant sur le développement de la propriété Hector. Cruz se concentrera sur ses propriétés aux États-Unis et recherchera de nouvelles opportunités. L'accord comprend une réorganisation du capital-actions et est soumis à l'approbation du tribunal et des actionnaires, le tout devant être achevé d'ici la fin du quatrième trimestre 2024.

Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) hat das Datum für die Abspaltung des Hector Silver-Cobalt Projekts bekannt gegeben. Die Regelung sieht die Übertragung des Projekts an die hundertprozentige Tochtergesellschaft von Cruz, Makenita Resources Inc., vor und die Verteilung von Makenita-Aktien an die Cruz-Aktionäre. Wichtige Termine sind:

  • Stichtag: 29. Oktober 2024
  • Versanddatum: 5. November 2024
  • Termin der Versammlung: 11. Dezember 2024

Aktionäre, die im Register stehen, erhalten kostenlose Makenita-Aktien und behalten 100% ihrer Cruz-Aktien. Die Abspaltung wird dazu führen, dass Makenita ein separater berichtspflichtiger Emittent wird, der sich auf die Entwicklung der Hector-Property konzentriert. Cruz wird sich auf seine US-Immobilien konzentrieren und nach neuen Möglichkeiten suchen. Die Regelung umfasst eine Umstrukturierung des Aktienkapitals und unterliegt der Genehmigung durch Gericht und Aktionäre, wobei der Abschluss bis Ende Q4 2024 erwartet wird.

Positive
  • Shareholders will receive free Makenita shares without diluting their Cruz holdings
  • Cruz has over $1 million in treasury, allowing for strategic flexibility
  • The spin-out creates a new investment opportunity in Makenita Resources Inc.
  • Makenita plans to raise approximately $500,000 through securities offerings
Negative
  • The spin-out process is subject to various approvals and conditions, which may cause delays or complications
  • The value of the Hector Silver-Cobalt Project being transferred to Makenita is not specified

Vancouver, British Columbia--(Newsfile Corp. - October 7, 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/225680

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 arrangement?

Cruz Battery Metals Corp.'s (BKTPF) spin-out arrangement is expected to be completed by the end of the fourth quarter of 2024, subject to approvals and conditions.

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