RE:RE:RE:RE:RE:Where have Zadar Ventures' uranium assets gone to?
Can somebody explain what this means for the present shareholders of XRA? Is it good or bad?
5. Disposition of Assets Upon Spinout
Further to the acquisition of XRA, the Company completed a former business reorganization (the “Reorganization”) with ZMC effective July 12, 2021. The Reorganization involved the spin-out of the Company’s mineral property interests (the “Properties”) into ZMC and distributed 7,809,710 shares of ZMC to the existing shareholders of the Company in consideration of the transfer of the Properties to ZMC. Upon completion of the Reorganization, ZMC ceased to be a subsidiary of the Company and became wholly owned by the existing shareholders of the Company, do not include those shareholders who recently received shares pursuant to the acquisition of XRA or the concurrent private placement.
The Properties, being the Company’s rights and interests to each of its mineral property assets - the Whisky Gap property, the Pasfield Lake property, and the East Boundary property, which had stated value of $28,000, were disposed of for nominal consideration.