ARSMF - Ares Strategic Mining Inc. Announces Closing of Plan of Arrangement
(TheNewswire)
Vancouver, BC - TheNewswire - September 15, 2023 - Ares StrategicMining Inc. (the “ Company ”or “ Ares ”) (CSE:ARS ) ( OTC:ARSMP ) ( FRA:N81) announcesthat, further to its news release dated September 1, 2023, that thepreviously announced plan of arrangement (the “ Arrangement ”), including thespin-off of its wholly-owned subsidiary, Enyo Strategic Mining Inc.(“ Enyo ”), closed today.
The Arrangement was approved by the shareholders (the “ Shareholders ”) of the Company’scommon shares at an annual and special meeting held on November 23,2022 and by the Ontario Superior Court of Justice in its final orderdated December 1, 2022.
The Arrangement included a transfer of Ares’ ownership and rights inand to the Liard property and Vanadium Ridge property located inBritish Columbia, Canada to Enyo in consideration of 13,900,065 commonshares of Enyo (the “ Enyo SpinoutShares ”). In addition, the Company completed a capitalreorganization which included the renaming and re-designation of itscommon shares (the “ Existing AresShares ”) and the creation of a new class of common shares(the “ New Ares Shares ”).The Shareholders at the close of business on September 14, 2023received one New Ares Share and 0.1 of an Enyo Spinout Share inexchange for each Existing Ares Share that was held by suchShareholder.
Following the closing of the Arrangement, Enyo is now a separateunlisted “reporting issuer” in each of British Columbia, Alberta,Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, PrinceEdward Island and Newfoundland and Labrador. Enyo owns Ares’interests in the Liard property and the Vanadium Ridge property. TheLiard property consists of eighteen (18) mineral claims totaling 4,825hectares, located in north-central British Columbia. The VanadiumRidge property consists of twenty (20) mineral claims, of which Aresis the recorded owner of 50% of such claims, located near Barriere,British Columbia.
For additional details regarding the Arrangement, see the Company’smanagement information circular as filed on the Company’s page on SEDAR+ on November 2, 2022.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARES STRATEGIC MINING INC.
“James Walker”
James Walker, CEO
For further information, please contact:
James Walker, CEO
Ares Strategic Mining Inc.
T: 604.345.1576
E: jwalker@aresmining.com
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