Cruz Announces Intent to Spin-Out the Hector Silver-Cobalt Project
Cruz Announces Intent to Spin-Out the Hector Silver-Cobalt Project
Vancouver, British Columbia--(Newsfile Corp. - August 1, 2024) - Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) (FSE: A3CWU7) ("Cruz" or the "Company") is pleased to announce its intention to undertake a strategic reorganization of certain of the Company's mineral exploration assets pursuant to which the Company proposes to spin-out (the "Spin-Out") its Hector Silver-Cobalt Project located near Cobalt, Ontario (the "Hector Property") into a recently incorporated, wholly-owned subsidiary, Makenita Resources Inc. ("SpinCo").
温哥华,不列颠哥伦比亚-(新闻稿-Corp. - 2024年8月1日)- Cruz Battery Metals Corp. (CSE: CRUZ) (OTC 粉红: BKTPF) (FSE:A3CWU7)("Cruz" 或 "公司") 很高兴宣布其意向,根据该意向,公司拟对其某些矿产勘探资产进行战略重组,拟将其位于安大略省科巴尔特附近的Hector银-钴项目("Hector Property",Spin-Out)分拆为最近成立的Makenita Resources Inc.("SpinCo"),完全拥有的子公司。
James Nelson, President of Cruz states, "This spinout makes sense for our shareholders. To unlock the value of the Silver-Cobalt asset as a standalone project will enable the shareholders of record of Cruz to benefit from ownership in two companies. Cruz is focused on its lithium projects in Nevada and expects to have a work program this summer. Cruz shareholders will achieve a win-win scenario as they will be shareholders of each company at no cost to them. Management is optimistic about the future of each company and hopes the Cruz shareholders of record will share the excitement."
Cruz的总裁James Nelson表示:"这个分拆对我们的股东意义重大。将银- 钴资产作为独立项目的形式,可以使Cruz的持股人从在两家公司中拥有所有权中获益。Cruz专注于其位于内华达的锂项目,并期待在今年夏天实施工作计划。Cruz的股东将获得双赢的情境,因为他们将以零成本成为每个公司的股东。管理层对两个公司的未来充满乐观,并希望Cruz的持股人能分享这种兴奋感。"
The Hector Property consists of 126 contiguous unpatented mining claims totalling 2,243 hectares (5,542-acres) and is located within the Coleman and Gillies Limit Townships, Larder Lake Mining Division, Timiskaming District, Ontario, Canada. The Property is approximately 500 kilometres (km) north of Toronto, 150 km north of North Bay, and 10 km southwest of the town of Cobalt, Ontario. Cruz holds 100% ownership of the 126 mining claims, which are active and in good standing.
Hector Property包括126个相邻的未得到专利的采矿权,总面积为2,243公顷(5,542英亩), 位于加拿大安大略省Timiskaming区的Coleman and Gillies Limit镇,Larder Lake矿业区。 该物业位于多伦多北约500公里,北湾150公里和安大略省科巴尔特镇西南10公里处。Cruz拥有这126个采矿权的100%所有权,这些采矿权处于活跃状态且状况良好。
The principal deposit type of interest within the Hector Property is arsenide silver-cobalt vein deposits, which are epigenetic vein deposits. Metallic minerals occur in fracture filling lenses or veinlets, or as disseminations within wall rocks in association with carbonate and/or quartz gangue. Wall rocks adjacent to the veins are commonly hydrothermally altered. The majority of mineral occurrences with the Hector Property consist of narrow fracture controlled northwest-southeast, or northeast-southwest striking, sub-vertical to steeply dipping, quartz-carbonate-potassium feldspar veins containing variable percentages of disseminated to clotty pyrite, chalcopyrite, pyrrhotite, and erythrite (hydrous cobalt arsenate) mineralization. Veins range in width from less than 5 cm up to 25 cm in width. The majority of historically reported mineral occurrences are represented by one or more shallow prospect pits and trenches, or water-filled shafts.
Hector Property的主要采矿类型是砷化银-钴脉床矿床,这些是表生脉状矿床。金属矿物出现在破裂填隙镜头或矿脉中,或在与碳酸盐和/或石英脉岩相伴出现的墙岩内散布。靠近矿脉的墙岩通常是热液改变的。Hector Property的大多数矿物出现都是狭窄的断裂控制的西北-东南方向,或者东北-西南方向应力垂直至陡峭倾向控制的石英-碳酸盐-钾长石脉,其中包含可变百分比的散布至块状的黄铁矿、黄铜矿、辉铁矿和红砷矿(水合碘酸钴)矿化。矿脉宽度不到5厘米,最宽达25厘米。历史上报告的大多数矿物出现都是由一个或多个浅的探矿坑和沟渠,或水填充的井所代表的。
From 1904 and until 1989, the Cobalt mining camp produced 458,830,085 ounces silver, 19,392,037 pounds cobalt, 3,407,495 pounds nickel and 1,964,728 pounds copper (Guindon et al., 2016). Mineralization was later discovered in additional areas with similar geology within the Cobalt Embayment of Southern Ontario, from Gowganda in the west to southeast of Cobalt. In the early 1920s, a decrease in the price of silver and exhaustion of the high grade veins caused most of the mines to close. Between 1929 and 1950, small operations were undertaken in a number of mines. In the mid-1950s, the demand for cobalt increased and many mines reopened for a short time. An increase in the price of silver in 1960 brought new interest to the camp and 10 mines continued operation (Goodwin, 1988) Cruz management cautions that past results or discoveries on properties in proximity to Cruz may not necessarily be indicative to the presence of mineralization on the Company's properties.
从1904年到1989年,Cobalt矿区共生产了4.5883亿盎司白银、1939.2万磅钴、340.7495万磅镍和196.4728万磅铜(Guindon等人,2016) 。随后在南安大略省科巴尔特城湾(Cobalt Embayment)附近的地区发现了具有相似地质条件的其他矿化区域,从西部的Gowganda到东南的Cobalt。1920年代初,银价下跌和高品位矿脉的枯竭导致大多数矿山关闭。在1929年到1950年间,许多矿山进行了小规模的运营。在1950年代中期,对钴的需求增加,许多矿山重新开放了短暂的时间。 1960年银价上涨,加息到矿区,其中10家矿山继续营运(Goodwin,1988) Cruz的管理层警告说,邻近Cruz矿产的矿产或发现,可能并不一定表明该公司矿产上存在矿化物。
Based on the presence of silver-cobalt arsenide vein intersects in drill core and numerous historic occurrences, airborne and ground magnetic geophysical anomalies, cobalt and silver in rock and soil geochemical anomalies, and favourable geology, management believes the Hector Property is of a high priority for follow-up exploration.
基于银-钴脉段插入钻孔中与许多历史矿床,以及空中和地面磁化地球物理异常、岩石和土壤地球化学异常中的钴和银,以及有利的地质条件,管理层认为Hector Property是后续勘探的高优先级项目。
The Spin-Out, if completed as presently proposed, would be effected by way of a share capital reorganization effected through a statutory plan of arrangement (the "Arrangement") pursuant to the arrangement provisions of the Business Corporations Act (British Columbia). The proposed reorganization would involve, among other things, Cruz transferring all of its right, title and interest in and to the Hector Property to SpinCo in exchange for common shares of SpinCo, in an amount to be agreed upon by the parties (the "Consideration Shares"). Under the Arrangement, Cruz's shareholders will receive the Consideration Shares and new common shares of Cruz, on a pro rata basis, in exchange for existing common shares of Cruz. It is not anticipated that Cruz will retain any of the Consideration Shares. In addition, it is anticipated that the holders of common share purchase warrants, RSU's and stock options of Cruz will receive a number of replacement common share purchase warrants, RSU's and stock options of SpinCo based on the exchange ratio of the Arrangement. Upon completion of the Spin-Out, SpinCo will become a "reporting issuer" in the same jurisdictions in Canada that Cruz is a reporting issuer. In connection with the Spin-Out, SpinCo intends to undertake one or more private placement offerings of securities to raise proceeds to develop the Hector Property and for general working capital purposes. Following completion of the Arrangement, SpinCo intends to seek a listing of its common shares on the Canadian Securities Exchange (the "CSE"), but no assurance can be provided that such a listing will be obtained. Any such listing will be subject to SpinCo satisfying all of the requirements of the CSE. As of the date hereof, no agreements between Cruz and SpinCo have been entered into respecting the proposed Spin-Out, but the board of directors of Cruz has authorized and approved proceeding with the Spin-Out and commencement of drafting the definitive agreements related thereto.
如果按照目前的计划完成Spin-Out,则将通过英属哥伦比亚商业公司法案( "Arrangement")的安排规定引入股本重组来实现。拟议的重组将涉及Cruz将其Hector Property的所有权利、标题和权益转移到SpinCo,以换取SpinCo的普通股,双方应当商定数量( "Consideration Shares")。根据安排,Cruz的股东将按比例换取对于Cruz的新的股票和所换的Consideration Shares的SpinCo的股票。预计Cruz将不会保留所换得的Consideration Shares的任何一部分。此外,预计Cruz的普通股购买权证(RSU's)和期权持有人将根据排列的兑换率获得SpinCo的替换普通股购买权证(RSU's)和期权。完成Spin-Out后,SpinCo将成为Cruz所报告的等同发行人。与此同时,SpinCo打算进行一项或多项私募股权发行,以筹集资金开发Hector Property,并用于一般工作资金。在安排完成后,SpinCo打算寻求其普通股在加拿大证券交易所( "CSE")上市,但没有提供任何保证能够获得该上市资格。任何这样的上市,都将取决于SpinCo满足CSE的所有要求。截至本文日期,Cruz和SpinCo尚未签署有关拟议Spin-Out的任何协议,但是Cruz的董事会已经授权和批准了Spin-Out,并开始起草相关的他要协议。
It is expected that completion of the Spin-Out will be subject to a number of conditions which are customary for similar transactions including, but not limited to, shareholder approval and approval of the Court, as well as other standard closing conditions. There can be no assurance that the Spin-Out will be completed as proposed, or at all. Cruz will have no obligation to proceed with the Spin-Out, and may elect, at its sole discretion, not to proceed with the Spin-Out for any reason whatsoever. Final terms of the Spin-Out and determination to proceed remain subject to, among other things, further tax and securities considerations, and Cruz expects to provide a further update to shareholders in due course.
预计完成Spin-Out将受到许多类似交易的惯例条件的限制,包括但不限于股东批准和法院批准,以及其他标准结转资金的条件。无法保证Spin-Out将按照拟议的方式或完全完成。Cruz没有义务进行Spin-Out,并可能单方面决定不进行Spin-Out。Spin-Out的最终条款和决定仍然取决于进一步考虑税务和证券等因素,Cruz预计将及时向股东更新。
The intention to undertake the Spin-Out was prompted, in part, by Cruz's desire to separate its Hector Property from its other mineral properties primarily located in the United States, and to enable the capital markets to value the Hector Property separately from its other properties, with a view to increasing shareholder value for each entity. In addition, management of Cruz believes that separating the Hector Property is expected to accelerate the development of the property. It is the view of both management and the Board that the Spin-Out is the most effective way to unlock the value of the Hector Property.
启动Spin-Out的意图,部分是由于Cruz希望将其Hector Property与其主要位于美国的其他矿产分离,以便资本市场可以单独评估Hector Property,并增加每个实体的股东价值。此外, Cruz的管理层认为,分离Hector Property预计将加速该房产的开发。管理层和董事会都认为,Spin-Out是释放Hector Property价值的最有效途径。
In connection with the Spin-Out, Cruz expects to enter into a definite agreement with SpinCo to set out the terms of the Spin-Out within the next 30 days concurrent with the receipt of a fairness opinion to be provided by an arm's length valuation firm. In connection therewith, Cruz intends to file its initial submissions with the Supreme Court of British Columbia (the "Court") to obtain an interim order to call a shareholder's meeting to, among other things, approve the Spin-Out. Cruz plans to complete the Spin-Out by the end of the third quarter of 2024. Additional details regarding timing of the Spin-Out will be provided in future news releases.
有关Spin-Out的预期,Cruz预计与SpinCo签署明确协议,在接下来的30天内与它提供的公正意见的同时,与不关联的估值公司交涉相关条款。为此,Cruz打算向不列颠哥伦比亚省最高法院提交其初步提交,以获得临时命令,召集股东大会,以批准Spin-Out等事项。Cruz计划在2024年第三季度结束之前完成Spin-Out。有关Spin-Out的时间安排的其他详细信息将在未来的新闻稿中提供。
Further details will be provided in a management information circular (the "Circular") to be prepared and filed in connection therewith. Investors are cautioned that, except as disclosed in the Circular to be prepared in connection with the Spin-Out, any information released or received with respect to the foregoing matters may not be accurate or complete and should not be relied upon. Trading in the securities of Cruz should be considered highly speculative.
有关Spin-Out的管理信息循环(Circular)将提供进一步的详细信息。投资者应当注意,除了Spin-Out相关的初稿循环文件中披露的信息外,任何有关上述事项发布或收到的信息可能不准确或完整,并且不应被依赖。应当认为交易Cruz证券具有高度投机性。
The scientific and technical information disclosed in this news release was reviewed and approved by Frank Bain, P. Geo., a Qualified Person as defined in NI 43-101, and a director of the Company.
本新闻稿中披露的科学技术信息是由Frank Bain, P. Geo.作为NI43-101规定的具有资格的人员,以及该公司的董事进行了审核和批准。
About Cruz Battery Metals Corp.
关于Cruz Battery Metals Corp.
Cruz currently has several projects located throughout North America. Cruz's Nevada lithium projects consist of the 8,135-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's Idaho projects include the 2,211-acre 'Idaho Cobalt Belt Project' and the 80-acre 'Idaho Star Cobalt 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.
Cruz目前在北美拥有多个项目,其中内华达的锂矿项目包括8,135英亩的“Solar Lithium Project”和240英亩的“Clayton Valley Lithium Project”。Cruz的5,542英亩的Hector Property位于安大略省哥博市及周边地区,具有探明的钴、白银、钻石成矿潜力。Cruz在爱达荷州的项目包括2,211英亩的“Idaho Cobalt Belt Project”和80英亩的“Idaho Star Cobalt Project”。管理层警告称,Cruz附近物业的以往结果或发现未必能证明公司物业上有矿化体存在。
If you would like to be added to Cruz's news distribution list, please send your email address to info@cruzbatterymetals.com.
如果您想被加入Cruz的资讯发布列表,请发送电子邮件地址至info@cruzbatterymetals.com。
Cruz Battery Metals Corp.
Cruz电池金属有限公司。
"James Nelson"
"詹姆斯·尼尔森"
James Nelson
President, Chief Executive Officer, Secretary and Director
詹姆斯·尼尔森
总裁兼首席执行官、秘书和董事
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:
Twitter: @CruzBattMetals
欲了解更多有关本新闻稿发布的信息,请联系:
詹姆斯·尼尔森,CEO和董事
电话:604-899-9150
免费电话:1-855-599-9150
电子邮件:info@cruzbatterymetals.com
网址:
推特账号:@CruzBattMetals
Forward Looking Statements
前瞻性声明
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, the belief that the Spin-Out will provide value as a stand-alone asset, the expectation that Cruz will procced with a work program this summer, as well as the prospective nature of the mineral interests associated with the Company's mineral exploration properties, including the Hector Property. 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.
本新闻稿中所载的某些信息可能包含实质性已知或未知的风险和不确定因素,包括公司是否按照当前方案或根本不执行分拆,分拆的预期时间,分拆的预期条款及结构,各方能否满足关闭条件并获得必要的批准,分拆将作为独立资产提供价值的信念,Cruz将在今年夏季执行工作计划的期望以及与公司的矿业勘探物业相关的潜在性质,包括Hector Property。这些声明不应被视为未来表现或结果的保证。这样的声明涉及已知和未知的风险、不确定性和其他因素,这些因素可能导致实际结果、表现或成就与这些语句所暗示的结果、表现或成就显著不同,例如无法获得监管、法庭或股东批准,Cruz或SpinCo无法筹集资金增长和交易费用,以及公司在SEDAR+可获取的定期披露文件中阐述的其他风险。尽管这些声明是基于管理层的合理假设,但不能保证将进行分拆或如果进行分拆,它将按照上述条款完成。除法律要求外,公司不承担更新或修订前瞻性信息的责任。