Core Critical Metals (TSX-V:CCMC) announces that it plans to spinout its Senneville and Timmins nickel projects into separate companies through a statutory plan of arrangement.
Under the arrangement agreement dated 21 August with wholly owned subsidiaries 1595789 B.C. and 1595792 B.C., the projects will be transferred under division five of part nine of the Business Corporations Act (British Columbia).
Shareholders will receive one new class A common share of CCMC and one common share of each spinout entity for every share held at the distribution record date.
The first spinout entity will hold the Senneville Project, comprising 151 map-designated claims covering roughly 8,575 hectares in the Val-Senneville sector of Québec, Canada.
The second entity will hold the Timmins Nickel Project, consisting of 467 claims across roughly 10,060 hectares in Ontario’s Porcupine Mining Division.
CCMC will retain the LMSL Project and its remaining portfolio.
“The arrangement will create three focused companies, each with a dedicated asset and strategy, allowing shareholders to participate directly in the value of the Senneville and Timmins Nickel projects while CCMC advances the LMSL Project,” CEO Deepak Varshney says.
The arrangement requires approval from at least two-thirds of votes cast by shareholders at the annual general and special meeting on 28 September. The virtual meeting also requires interim and final orders from the Supreme Court of British Columbia and conditional acceptance from the TSX Venture Exchange.
Shareholders of record on 30 July are entitled to vote. Registered shareholders also have dissent rights under the interim order and Business Corporations Act (British Columbia). The board has determined the arrangement is fair, reasonable, and in shareholders’ best interests.
Subject to conditions, the arrangement is expected to become effective in early October 2026.
Core Critical Metals focuses on acquiring and exploring critical metal properties with expansion potential.
Write to Paula Fabe at Mining.com.au
Images: Core Critical Metals
