Cornish Metals Announces Share Transition Update
VANCOUVER, British Columbia — Cornish Metals Inc. (TSX-V: CUSN) is moving forward with key updates regarding the transfer of its shares as part of a re-domicile aimed at enhancing its corporate structure. This initiative primarily focuses on advancing the South Crofty tin project in Cornwall, an important mineral exploration and development site.
Details of the Re-Domicile Arrangement
The company has secured the final order from the Ontario Superior Court of Justice, confirming the re-domicile arrangement. Under this plan, existing common shares of Cornish Metals will be exchanged for shares in Cornish Metals plc, dubbed “Cornish UK.” This exchange operates on a ratio of one Cornish UK Share for every ten Cornish Canada Shares owned, rounding down where necessary.
Important Dates for Shareholders
For shareholders in Cornish Canada, the trading of shares will cease on AIM today at 4:30 p.m. (London time). This change is part of the transition outlined by the court order, with no possibility of trading on the effective date of transfer on December 16.
Trading Suspension and Transition Process
With this decision to halt trading today, shareholders should remain aware that after this time, their ability to trade Cornish Canada Shares ceases until the entire transfer process concludes. Interestingly, this adjustment to the trading schedule does not impact the ability to engage in transactions beforehand.
Future of Cornish Metals and South Crofty Project
Cornish Metals is intently focused on achieving production at the South Crofty tin project. This historical tin mine possesses valuable existing infrastructure and untapped high-grade resources, which makes it a significant contender for being Europe’s and North America’s first primary tin producer. The project is not only forward-thinking but also essential as tin emerges as a critical mineral in various industries, especially electronics.
Projected Timeline for Shareholder Updates
The following is a simplified timetable for key upcoming events relating to shares:
- Last day of trading: 4:30 p.m. (London time) on December 15.
- Effective Transfer Date of Shares: December 16.
- Delisting of Current Shares: Also on December 16.
- Cessation of Cornish Canada Shares Trading: Expected on December 18, 7:00 a.m. (London time).
- Begin Trading of Cornish UK Shares: Start at 8:00 a.m. (London time) on December 18.
- CREST Accounts Credited: By December 18.
- Dispatch of Definitive Share Certificates: Within ten business days of Admission.
This timeline remains contingent on various regulatory approvals and requisite conditions. Changes will be communicated publicly, ensuring that shareholders remain well-informed throughout the transition.
About Cornish Metals
Cornish Metals Inc. is at the forefront of mineral exploration, particularly through the South Crofty project, which is well-positioned to meet the growing demand for critical minerals. Interest in new mines like South Crofty is rising due to the high-grade tin available and the support from local communities and government entities. The project promises to create hundreds of jobs while contributing significantly to sustainable mining practices in the region.
Frequently Asked Questions
What is the reason for the share re-domicile?
The re-domicile is aimed at enhancing corporate structure and facilitating growth for Cornish Metals as it advances its South Crofty project.
Will I still be able to trade my shares?
Trading for Cornish Canada Shares will pause after today, and shareholders won't be able to trade these shares once the transition is effective.
What happened to my shares during the re-domicile?
Shares of Cornish Canada will be exchanged for shares in Cornish Metals plc based on the established share ratio of 1:10.
When will I receive details on the new shares?
New shares are expected to be issued and relevant details communicated on December 16, with accounts credited by December 18.
How can I contact Cornish Metals for more information?
You can reach out to Cornish Metals at investors@cornishmetals.com.
