Cornish Metals obtains final order for plan or arrangement
Aim- and TSX-V-listed Cornish Metals has obtained a final order from the Ontario Superior Court of Justice approving the previously announced re-domicile of the company to the UK by way of a statutory plan of arrangement.
In a December 15 statement, Cornish says the arrangement will result in the transfer of all the issued and outstanding common shares of the company to Cornish Metals plc in exchange for the issue to the company’s shareholders of new shares in Cornish UK on the basis of one Cornish UK Share for ten Cornish Canada Shares, rounded down to the nearest whole number of Cornish UK shares.
In the event that any holder of Cornish Canada shares holds fewer than ten Cornish Canada shares, or the number of Cornish Canada shares held when divided by ten is not a whole number, the company explains that such allocation will be rounded down to the nearest whole number - or zero, if fewer than ten Cornish Canada shares are held immediately prior to the of effective date of the arrangement.
The arrangement remains subject to the satisfaction of customary closing conditions and is expected to close on or about December 16.
Following completion of the arrangement, the Cornish Canada shares are expected to be delisted from the TSX Venture Exchange.
Cornish notes that an application is also expected to be made for the company to cease to be a reporting issuer in the applicable jurisdictions upon closing of the transaction.
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