Coniagas Battery Metals will start trading on the TSX Venture Exchange in March 2024 under the trading symbol 'COS' following its spinout from Nord Precious Metals.
The news comes following Nord’s announcement of the record date for the distribution of shares and warrants to Nord’s shareholders, which is fixed for March 6, 2024.
On March 11, Nord’s shareholders of record will be entitled to receive one Coniagas common share and one-half of a Coniagas common share purchase warrant for every 51.5771 Nord shares held. This distribution is set to provide shareholders with a stake in Coniagas proportional to their Nord holdings.
The distribution will see Nord’s shareholders receive an aggregate of 5,874,600 Coniagas shares and 2,937,300 Coniagas warrants on a pro-rata basis.
In addition to the distribution details, Nord also confirmed that Coniagas is acquiring the Graal property from Nord as part of a previously announced plan of arrangement.
The acquisition will see Coniagas issuing 24 million Coniagas shares and 12 million Coniagas warrants to Nord.
Coniagas aims to complete its work program outlined in a previous technical report at Graal, a nickel and copper project in Quebec. The firm plans to focus on three main objectives: conducting a diamond drilling program covering 2,000 meters, conducting metallurgical testing including the development of process engineering flowsheets and pilot plant tests, and preparing an assessment report while engaging in consultations with the First Nations of Pessamit & Masteuiash.
The company's overarching strategy is to enhance stakeholder value by developing its mineral properties for exploration and exploitation purposes, with the ultimate goal of positioning Coniagas as a key supplier to the electric vehicle market.