CA - Commerce Resources plans to spin-out Blue River Property; appoints new CEO
2023-06-22 04:21:06 ET
- Commerce Resources ( OTCQX:CMRZF ) is planning a reorganization under which it intends to spin-out its Blue River property, located in British Columbia and appoints new CEO.
- On closing of spin-out, a newly SpinCo will be formed, which would seek an independent listing on the Canadian Securities Exchange.
- Commerce Resources said it will be entirely focused on its Ashram Property located in Quebec, while the SpinCo will focus on the development and commercialization of the Blue River Property.
- Per the terms of the Spinout , shareholders of the company will receive common shares of SpinCo in relation to the number of common shares of the company that they hold on the effective date of the Spinout.
- Completion of the spin-out will be subject to necessary approval.
- At present, there is no certainty that the spin-out will be completed on the terms currently proposed or at all.
- Concurrently, the company announces that David Hodge has resigned as CEO of the company and that has appointed its President, Chris Grove, as CEO in place of Mr. Hodge.
- Mr. Hodge will remain in his role as a director of the company.
- Mr. Grove has been President of the company since September 2014 and a director of the company since November 2012.
For further details see:
Commerce Resources plans to spin-out Blue River Property; appoints new CEO