Pan American Energy Corp. agreed to Spin-Off Green Energy Lithium Project in Grand County, Utah.
Following the transfer of the Property to a wholly-owned subsidiary (Subco), the Company intends to distribute all, or the majority, of the Subco common shares to its existing shareholders on a pro rata basis and pursue a listing of Subcoâs common shares on a Canadian stock exchange. The completion of the Arrangement will be subject to, amongst other things, entering into a definitive arrangement agreement giving effect to the Arrangement, the receipt of all required regulatory and shareholder approvals and managementâs continued discretion. As of February 8, 2023, The Companyâs shareholders will vote on the Arrangement at a special meeting of shareholders to be held on April 11, 2023. Board of directors of the Company has determined that the Arrangement is fair to shareholders and is in the best interests of the Company. Pan American Energy anticipates completing the Arrangement on or about March 15, 2023. As of February 8, 2023, the closing is expected to occur on April 19, 2023. The transaction is approved by the shareholder on April 11, 2023. As of April 14, 2023, the transaction is approved by the Supreme Court of British Columbia. Substantially all of the terms and conditions of the Transaction have been satisfied. Immediately following completion of the Transaction, Legacy common shares will not be listed on a public stock exchange, but it will operate as a reporting issuer. It is expected that the Transaction will become effective pre-market on April 21, 2023. DLA Piper (Canada) LLP acted as a legal advisor, Computershare Investor Services Inc. acted as a registrar to Pan American Energy.