Manganese X Energy Corp said its spin-out company, Graphano Energy Ltd, has received conditional listing approval from the TSX Venture Exchange.
Focused on the ethical sourcing of manganese at its Battery Hill project in New Brunswick, Manganese X announced a statutory plan of arrangement with Graphano Energy in May.
The deal saw Manganese X agree to the spin out of its Lac Aux Bouleaux graphite property, located in the province of Quebec.
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As part of the previously announced agreement, as of August 24, 2021 holders of Manganese X common shares will receive one share of Graphano for every eight shares of Manganese X. The deal values Graphano shares at $0.05 per share, which gives Manganese X shares a deemed distribution of $0.00625.
“Manganese X shares will commence trading on an ex-dividend basis on the TSXV at the open of trading on August 23, 2021,” the company statement read. “This means that in order to be entitled to receive a dividend of shares of Graphano, a shareholder must be a holder or Manganese X shares as of August 20, 2021. No additional action is required by shareholders in order to receive Graphano shares.”
The agreement is expected to be finalized on August 27.
Once complete, Graphano and Manganese X will be operated as separate companies with independent management teams and boards of directors.
Manganese X anticipates Graphano shares will begin trading approximately five business days following the closing under the symbol "GEL".
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