Consolidated Uranium Inc. (“CUR”, the “Company”, “Consolidated Uranium”) (TSXV: CUR) (OTCQX: CURUF) is pleased to announce it has obtained a final order from the Ontario Superior Court of Justice (Commercial List) approving the previously announced spin-out of Premier American Uranium Inc. (“PUR”) through a plan of arrangement under the Business Corporations Act (Ontario) (the “Spin-Out”).
Receipt of the final order follows CUR’s annual and general special meeting of shareholders held on August 3, 2023 (the “Meeting”), where the Spin-Out was overwhelmingly approved by 99% of the votes cast by shareholders. All other matters put before the Meeting were approved by shareholders, including the re-election of each of the director nominees, Philip Williams, Anthony Milewski, Mark Raguz, John Jentz and Mark Chalmers, re-appointment of McGovern Hurley LLP, Chartered Professional Accountants as auditors of the Company and re-approval of the Company’s Omnibus Long Term Incentive Plan.
On May 24, 2023, CUR and PUR entered into an arrangement agreement pursuant to which the parties agreed to effect the proposed Spin-Out of PUR, currently a majority-controlled subsidiary of CUR. If completed, the Spin-Out will result in, among other things, CUR transferring ownership of certain indirect wholly-owned subsidiaries which hold eight U.S. Department of Energy (“DOE”) leases and certain patented claims located in Colorado (the “CUR Assets”) to PUR in exchange for 7,753,752 common shares of PUR (“PUR Shares”), a portion of which will be distributed to the Company’s shareholders on a pro rata basis pursuant to the provisions of the plan of arrangement.
CUR shareholders must hold their CUR common shares until 12:01 am (Toronto time) on the effective date of the Spin-Out (the “Effective Date”) in order to receive their pro rata portion of the PUR Shares being distributed pursuant to the Spin-Out. CUR will disseminate a press release five business days in advance of the Effective Date once all of the conditions to closing of the Spin-Out have been satisfied in accordance with the policies of the TSX Venture Exchange in order to notify CUR shareholders of the record date for purposes of the distribution pursuant to the Spin-Out.
