TSX-V: CLZ
VANCOUVER, Nov. 20, 2017 /CNW/ - Canasil Resources
Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or the
"Company") announces that it has arranged mailing of the
Information Circular and Proxies for the Special Meeting of
Shareholders planned for December 12,
2017, 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 and October 24, 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 are set out in the
Information Circular and voting proxies, which have been mailed to
shareholders and are also available on SEDAR (www.sedar.com) and on
the Company's website (www.canasil.com). The transaction is 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 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.
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.