The TSX Venture Exchange has accepted for filing documentation in connection with the arrangement between Virginia Energy Resources Inc. and Consolidated Uranium Inc., pursuant to the terms of an arrangement agreement dated Nov. 14, 2022, and a court-approved plan of arrangement under Section 288 of the Business Corporations Act (British Columbia).

Pursuant to the terms of the arrangement, all of the issued and outstanding common shares of the company, other than company shares already held by Consolidated Uranium, were exchanged on the basis of 0.26 of a common share of Consolidated Uranium for each company share. Holders of outstanding stock options to purchase company shares have received replacement options to acquire Consolidated Uranium shares adjusted based on the exchange ratio and holders of outstanding restricted share units (RSUs) of the company had their company RSUs vest and settled for company shares and then exchanged for the consideration.

The exchange has been advised that approval of the arrangement by shareholders of the company was received at a special meeting of shareholders held on Jan. 19, 2023, and that the Supreme Court of British Columbia provided its final order approving the plan of arrangement on Jan. 23, 2023. The exchange has been advised that the arrangement closed on Jan. 24, 2023. The full particulars of the arrangement are set forth in the company's information circular dated Dec. 15, 2022, which is available under the company's profile on SEDAR.

Further to the completion of the arrangement, effective at the close of business on Wednesday, Jan. 25, 2023, the common shares of the company will be delisted from the TSX Venture Exchange at the request of the company.