Marvel Discovery Corp. (TSXV:MARV) (FRA:O4T1) (OTCPINK:IMTFF) said it has called an extraordinary general meeting (EGM) to consider proposals to spin out its Serpent River/Pecors and Wicheeda North properties.
The company said the EGM of its shareholders, set for April 23, 2021, at 10.00am Pacific Time will consider a special resolution with respect to the plan to spin out the Serpent River/Pecors and Wicheeda North properties into a newly incorporated, wholly-owned subsidiary of the company, to be called Power One Resources Corp.
The company - which last month changed its name from International Montoro Resources Inc - said it is proposed that the spin-out will result in its shareholders receiving one common share of Power One for every five common shares held in the company. There will be no change in shareholders' holding in the company as a result of the spin-out, it added.
READ: International Montoro Resources to change name to Marvel Discovery Corp
Marvel Discovery said further details of the spin-out will be announced in the near future and it cautioned shareholders that the final details are still to be determined and there is no certainty that the spin-out will be completed on the terms currently proposed or at all.
In addition to being subject to the approval of the company's shareholders, the spin-out is also subject to the approval of the British Columbia Supreme Court and the TSX Venture Exchange.
The EGM will be held at the 29th floor of 595 Burrard Street, Vancouver, British Columbia.
Marvel Discovery is a Canadian based emerging resource company that has been listed on the TSX Venture Exchange for over 25 years. The company is systematically exploring its extensive property positions in:
- Exploits Zone, Newfoundland (Slip and Victoria Lake - Au Prospects)
- Atikokan, Ontario (BlackFly - Au prospect)
- Red Lake, Ontario (Camping Lake - Au prospect)
- Elliot Lake, Ontario (Serpent River/Pecors - Ni-Cu-PGE discovery) & (Uranium- REE's)
- Quebec (Duhamel - Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements prospect)
Contact the author at jon.hopkins@proactiveinvestors.com