MGX Minerals has completed the spin-out of approximately 40% of the common shares of MGX Renewables pursuant to a plan of arrangement under the Business Corporations Act (British Columbia).
Image: MGX Minerals closes spin-out of MGX Renewables. Photo courtesy of Pexels from Pixabay.
The Company retains appoximately 18 million shares of MGXR.
In connection with completion of the Plan of Arrangement, MGX is also pleased to announce that the escrow release conditions have been satisfied in respect of Renewables’ previously completed offering of 8,020,000 subscription receipts (“Subscription Receipts”) for gross proceeds of $2,005,000 (the “Escrowed Proceeds”). Pursuant to the subscription receipt agreement dated June 11, 2019 between MGX, Renewables and Computershare Trust Company of Canada, the net Escrowed Proceeds have been released to Renewables.
Renewables has been conditionally approved to list the common shares of Renewables (“Renewables Shares”) on the Canadian Securities Exchange (“CSE”). Listing on the CSE will be subject to Renewables fulfilling all of the requirements of the CSE. Renewables expects to satisfy the requirements of the CSE on or before July 11, 2019.
Source: Company Press Release