Mr. David Tafel reports
CENTURION AND SPINCO ANNOUNCE CLOSING OF SPIN-OUT TRANSACTION
Centurion Minerals Ltd., further to the company's news release dated Aug. 18, 2022, has now closed its previously announced spinout transaction with 1364565 B.C. Ltd. (SpinCo), which was completed by way of a court approved statutory plan of arrangement under the Business Corporations Act (British Columbia).
In accordance with the plan of arrangement, among other things: The company transferred the company's cannabis agreements and $182,135.71 of cannabis related liabilities to SpinCo; and in consideration of the foregoing, the shareholders of the company received: (i) one common share in the capital of SpinCo, and (ii) one new common share in the capital of the company in exchange for each share of the company held.
Transaction details were disclosed in the company's management information circular dated June 29, 2022, and the company's news release dated June 24, 2022.
David Tafel, chief executive officer of Centurion, commented: "As a result of the transaction, Centurion shareholders retain their shares in the company and have also become shareholders of SpinCo. Centurion will continue as a mineral exploration company and is proceeding to apply for a resumption of trading."
About Centurion Minerals Ltd.
Centurion Minerals is a Canadian-based company with a focus on mineral asset development in the Americas. The company's lead investment is its interest in the Ana Sofia Agri-Gypsum fertilizer project, and it is also reviewing additional prospective, precious mineral exploration projects.
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