Exciting News for Cruz Battery Metals Corp!
Get ready for some big changes
What’s happening?
Vancouver, British Columbia–(Newsfile Corp. – September 6, 2024) – Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) (FSE: A3CWU7) (“Cruz” or the “Company”) is pleased to announce that, further to its news release dated August 1, 2024, it has entered into an arrangement agreement dated September 5, 2024 (the “Arrangement Agreement”) with its wholly-owned subsidiary, Makenita Resources Inc. (“Makenita”), pursuant to which the Company intends to: (i) transfer all of its rights, title and interest in and to its Hector Silver-Cobalt Project (the “Hector Property”), consisting of 126 contiguous unpatented mineral claims totaling 2,243 hectares (5,542-acres), located within the Coleman and Gillies Limit Townships, Larder Lake Mining Division, Timiskaming District, Ontario, Canada, and (ii) spin-out all of the securities of Makenita received in consideration for the Hector Property (the “Makenita Spinout Share”) to Cruz’s securityholders on a pro rata basis, all pursuant to a statutory plan of arrangement (the “Arrangement”) to be effected under Part 9, Division 5 of the Business Corporations Act (British Columbia) (the “BCBCA”).
The Arrangement will result in Makenita becoming a separate “reporting issuer” in each of Alberta, British Columbia and Ontario, and will allow it to focus on the development of the Hector Property.
What does this mean?
Exciting times are ahead for Cruz Battery Metals Corp. with the transfer of the Hector Property to Makenita Resources Inc. This move will allow Makenita to focus solely on the development of the Hector Property in Ontario, Canada. With the spin-out of securities to Cruz’s securityholders, this strategic plan of arrangement under the BCBCA will create new opportunities for growth and development.
How will this affect me?
As an individual investor or stakeholder in Cruz Battery Metals Corp, this development could potentially bring new value and growth opportunities to your investment. With Makenita becoming a separate reporting issuer in multiple provinces, there is a chance for increased visibility in the market and potential for higher returns on your investment.
How will this affect the world?
The spin-out of the Hector Property to Makenita Resources Inc. could have a positive impact on the world by allowing for focused development and exploration of valuable resources such as silver and cobalt. As the demand for these metals continues to grow in various industries, the development of the Hector Property could contribute to the global supply chain and bolster the economy.
Conclusion
In conclusion, the arrangement between Cruz Battery Metals Corp and Makenita Resources Inc is a promising development that holds the potential for growth and success. With Makenita’s focus on the Hector Property and the spin-out of securities, there are exciting opportunities on the horizon for both investors and the global market. Stay tuned for more updates on this exciting journey!
