Better hold on to your Vizsla shares.From april 20th news release on the spinoff of Vizsla copper shares:
Terms of the arrangement
The arrangement is being carried out pursuant to the terms of an arrangement agreement and is governed by the Business Corporations Act (British Columbia). Vizsla Silver will apply for an interim order from the Supreme Court of British Columbia on or about May 18, 2021, authorizing the company to call a special meeting of shareholders to approve the arrangement.
Shareholders will be asked to vote on the arrangement at the special meeting of shareholders, which is expected to be held on or about June 15, 2021, at 10 a.m. Pacific Time. In light of the continuing COVID-19 pandemic, the meeting will be held by way of virtual format whereby shareholders may only participate in the meeting remotely. To be effective, the arrangement must be approved by a special resolution passed by at least 66 per cent of the votes cast by shareholders present or represented by proxy at the meeting. Each shareholder is entitled to one vote for each common share of Vizsla Silver held by such shareholder.
After careful consideration, the board of directors has unanimously determined that the arrangement is in the best interests of the company. A description of the various factors considered by the board of directors in arriving at this determination will be provided in the management information circular to be delivered to shareholders in connection with the meeting.
Completion of the arrangement is subject to a number of customary conditions, including:
- Vizsla Silver obtaining the requisite approval of shareholders at the meeting;
- The approval of the Supreme Court of British Columbia;
- TSX Venture Exchange approval of the arrangement by Vizsla Silver;
- TSX-V approval for the listing of the SpinCo shares upon completion of the arrangement;
- Completion of a private placement by SpinCo to raise gross proceeds of up to $3.5-million.
Further details, including management and board composition, will be contained in the circular, which will be mailed to shareholders in advance of the meeting following receipt of the interim order. Shareholders are cautioned that there can be no assurance that the arrangement will be completed on the terms described herein or at all.