TSX-V: CLZ
www.canasil.com
VANCOUVER, Dec. 22, 2017 /CNW/ -Canasil Resources Inc.
(TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or the
"Company") announces that the Company has received the Final
Court Order approving the Plan of Arrangement (the "Arrangement")
to segregate its British Columbia
properties into a separate company, Canmine Minerals Inc.
("Canmine"). The Arrangement was earlier approved at a Special
Meeting of Shareholders held on December 12,
2017.
The Directors of Canasil and Canmine will now be in a position
to proceed with the arrangements for meeting the initial listing
requirements for the listing of Canmine on the TSX Venture Exchange
("the "Exchange"), and will determine the timing for the remaining
steps for the completion of the Arrangement.
The remaining steps, in sequence and at the times determined by
the Canasil Directors and the Canmine Directors, required for the
completion of the Arrangement are: determination of the Share
Distribution Record Date, the Effective Date and the mailing of the
certificates for the Distributed Canmine Shares. The determination
of the timing of the steps will be made on the basis of all
applicable factors, including general market conditions for junior
resource companies and the availability of financing to enable
Canmine to satisfy the Initial Listing Requirements of the
Exchange. Notice of the Share Distribution Record Date and
Effective Date will be given to the Company Shareholders through
press releases. The Boards of Directors of the Company and Canmine
will determine the exact Effective Date depending on when all the
conditions for the completion of the Arrangement are satisfied. The
arrangement will only be finalized and take effect after the
necessary approvals have been obtained from the Exchange providing
for the listing of Canmine shares.
Shareholders of Canasil will receive shares of Canmine in
proportion to their shareholdings of Canasil, and Canasil will
continue to hold its Mexican assets. The consideration for the
transfer of the BC Properties will be based on the issuance of
common shares of Canmine, the majority of which will be distributed
to Canasil shareholders based on one share of Canmine for each two
shares of Canasil held. 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.
Complete details of the proposed transaction have been set out
in the Information Circular mailed to shareholders on November 17, 2017, which is also available on
SEDAR (www.sedar.com) and on the Company's website
(www.canasil.com).
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.
