SNG and SNG.wt spinout detailsSTRATEGIC METALS LTD. ANNOUNCES COMPLETION OF PLAN OF ARRANGEMENT
Further to the July 19, 2011, news release, Strategic Metals Ltd. has completed its plan of arrangement to spin out certain of its assets into Silver Range Resources Ltd., as approved by Strategic's shareholders at its special general meeting held on July 15, 2011, and as approved by a final order of the Supreme Court of British Columbia on July 18, 2011.
Under the arrangement, Strategic will distribute to its own shareholders of record as of July 27, 2011, a total of 30,003,950 common shares of Silver Range and 15,001,975 Silver Range share purchase warrants, each of which will entitle the holder to purchase one additional Silver Range common share at a price of 85 cents until Feb. 10, 2013. Strategic continues to hold 6,947,951 Silver Range common shares and 3,473,975 Silver Range share purchase warrants for investment purposes, representing 18.80 per cent of each of the 36,951,901 Silver Range common shares and 18,475,950 Silver Range share purchase warrants currently outstanding.