Highland Critical Minerals Corp (CSE:HLND) said its shareholders unanimously approved a plan of arrangement to spin out its Highland Red Lake Gold unit, clearing a key step toward completing the deal before year-end.
The special resolution passed with 100% support from shareholders present or represented by proxy at the November 21 meeting, surpassing the required two-thirds threshold, the Canadian exploration company said on Tuesday.
Highland said it expects to seek final approval from the Supreme Court of British Columbia on November 28.
Shareholders also approved all other items on the agenda, including fixing the board size at three, electing directors Brian Morales, Yazeed Esnan and Sophie Galper-Komet, reappointing MNP LLP as auditor, and renewing the company’s stock option and restricted share unit plans.
Highland explores and develops mineral properties, including its Church property, and continues to evaluate additional assets for potential acquisition.
Shares of Highland Critical Minerals gained 13.7% on the update Tuesday afternoon.