TSX-V: CLZ
www.canasil.com
VANCOUVER, Oct. 24, 2017 /CNW/ - Canasil Resources Inc.
(TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or the
"Company") announces that it has set December 12, 2017, as the date for the Special
Meeting of Shareholders to consider the spin-off transaction to
segregate its British Columbia
properties into a separate company, Canmine Minerals Inc.
("Canmine"), as previously announced on July
26, 2017. Shareholders of Canasil will receive shares
of Canmine in proportion to their shareholdings of Canasil, and
Canasil will continue to hold its Mexican assets. It is
proposed that the transaction will be carried out as a Plan of
Arrangement under the Business Corporations Act
(British Columbia). Complete
details of the proposed transaction will be set out in the
Information Circular to be sent to shareholders of Canasil on or
before November 15, 2017. The
transaction and related documents are subject to approval by the
TSX Venture Exchange.
The transaction is intended to unlock value for Canasil
shareholders by allowing the market to independently value the
British Columbia properties, and
by providing greater flexibility to arrange funding to actively
advance exploration programs on these properties.
The consideration for the transfer of the BC Properties will be
based on the issuance of common shares (the "Consideration Shares")
of Canmine, which will be distributed to Canasil shareholders based
on one share of Canmine for each two shares of Canasil held,
following approval of the transaction and other required
procedures. Warrant holders and Option holders of Canasil will
receive warrants or options of Canmine which are proportionate to,
and commensurate with the terms of, their existing Canasil warrants
or options. Canasil may retain part (anticipated to be less than
10%) of the Consideration Shares, as will be further set out in the
information Circular. Over the past 23 years of continuous
ownership by Canasil, an aggregate of over $7.4 million in expenditures is attributed to the
BC Properties.
About Canasil:
Canasil is a Canadian mineral exploration company with a strong
portfolio of 100% owned silver-gold-copper-lead-zinc projects in
Durango and Zacatecas States, Mexico, and in British Columbia, Canada. The Company's
directors and management include industry professionals with a
track record of identifying and advancing successful mineral
exploration projects through to discovery and further development.
The Company is actively engaged in the exploration of its mineral
properties, and maintains an operating subsidiary in Durango, Mexico, with full time geological and
support staff for its operations in Mexico.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
This release includes certain statements that may be deemed
to be "forward-looking statements". All statements in this release,
other than statements of historical facts are forward looking
statements, including statements that address future
mineral production, reserve potential, exploration drilling,
exploitation activities and events or developments. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include, but are not limited to, changes
in commodities prices, exploration successes, continued
availability of capital and financing, and general economic, market
or business conditions. The reader is referred to the
Company's filings with the Canadian securities regulators for
disclosure regarding these and other risk factors. There is no
certainty that any forward-looking statement will come to pass and
investors should not place undue reliance upon forward-looking
statements.
SOURCE Canasil Resources Inc.