DEEP - DeepRock Minerals Proposes Spinout to Maximize Value and to Focus on Lithium Exploration in Brazil
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA – TheNewswire - October 5 th , 2023 –DeepRock Minerals Inc. (the “Company” or “DeepRock”)(CSE:DEEP) is proposing a plan to “spin out” its Canadian mineralproperties – the Ralleau VMS Project in Quebec and the Golden GateProject in New Brunswick – into one company, and its ZapozilorPolymetallic Project in Romania to another company (the“Spin-Out”). The Spin-Out will allow DeepRock to continue as asingle entity solely focused on the Esperança and the Galilea LithiumProjects in Minas Gerais, Brazil.
It is anticipated that the Spin-Out will becompleted by way of a statutory plan of arrangement (the“Arrangement”) under the Business Corporations Act (British Columbia)and will be subject to shareholder and regulatory approval, as well asapproval of the Supreme Court of British Columbia. The Company expectsto proceed with the Arrangement sometime in early 2024, and fulldetails of the Spin-Out will be disclosed in the managementinformation circular for the special meeting to be held.
“DeepRock’s board believes the proposed spin-outwill be in the best interests of shareholders,” says Andrew Lee, CEOof DeepRock. “By segregating the mineral properties, we aim tomaximize the value of each project. We believe it’s a win-winsituation for shareholders to hold shares in three companies withdifferent projects that will now receive the attention that eachdeserves.”
ON BEHALF OF THE BOARD OFDIRECTORS
“Andrew Lee”
Andrew Lee
CEO, President, and Director
Email:andrew@deeprockmineralsinc.com
Phone: 778-302-2257
Cautionary Note RegardingForward-Looking Statements:
The CSE has not reviewed and doesnot accept responsibility for the adequacy or accuracy of thisrelease. This news release may contain “forward-lookingstatements”, which are statements about the future based on currentexpectations or beliefs. For this purpose, statements of historicalfact may be deemed to be forward-looking statements. Forward-lookingstatements by their nature involve risks and uncertainties, and therecan be no assurance that such statements will prove to be accurate ortrue. Without limitation, this press release contains forward-lookingstatements pertaining to a proposed plan of arrangement, which may ormay not occur. Investors should not place undue reliance onforward-looking statements. The Company does not undertake anyobligation to update forward-looking statements except as required bylaw.
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