Record Date for the Spin-Out of Labrador Uranium TORONTO, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Consolidated Uranium Inc. (“CUR”, the “Company” or “Consolidated Uranium”) (TSXV: CUR) (OTCQB: CURUF), is pleased to provide an update on the previously announced proposed spin-out of Labrador Uranium Inc. (“Labrador Uranium” or “LUR”) through a plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”). LUR is currently a majority-controlled subsidiary of CUR focused on the consolidation, exploration and development of uranium projects in Labrador.
All of the conditions precedent to completion of the Arrangement have been satisfied, including among others, receipt of the final order of the Ontario Superior Court of Justice (Commercial List) which was obtained on February 7, 2022 and receipt of conditional approval of the Canadian Securities Exchange (the “CSE”) for listing (the “Listing”) of the common shares of Labrador Uranium (“LUR Shares”).
Accordingly, the Company is pleased to announce the anticipated closing date for the Arrangement is February 22, 2022 (the “Record Date”). CUR shareholders as of 12:01 a.m. on the Record Date will receive their pro rata portion of the LUR Shares being distributed pursuant to the Arrangement. The precise number of LUR Shares to be distributed to each CUR shareholder will be determined on the Record Date, but is currently anticipated to be approximately 0.222 of a LUR Shares for each CUR share held by such holder as at the Record Date. It is expected that DRS statements representing the LUR Shares to which the registered CUR Shareholders are entitled to under the Arrangement are expected to be mailed out on February 25, 2022.
The Listing is subject to the final approval of the CSE in accordance with its original listing requirements. The Listing is expected to be completed the week of February 28, 2022.
About Consolidated Uranium Inc.
Consolidated Uranium Inc. (TSXV: CUR) (OTCQB: CURUF) was created in early 2020 to capitalize on an anticipated uranium market resurgence using the proven model of diversified project consolidation. To date, the Company has acquired or has the right to acquire uranium projects in Australia, Canada, Argentina, and the United States each with significant past expenditures and attractive characteristics for development. Most recently, the Company completed a transformational strategic acquisition and alliance with Energy Fuels Inc (NYSE American: UUUU) (TSX: EFR), a leading U.S.-based uranium mining company, and acquired a portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah and Colorado. These mines are currently on stand-by, ready for rapid restart as market conditions permit, positioning CUR as a near-term uranium producer.
https://consolidateduranium.com/
https://www.globenewswire.com/news-release/2022/02/14/2384341/0/en/Consolidated-Uranium-Announces-Record-Date-for-the-Spin-Out-of-Labrador-Uranium.html