Benton Resources shareholders approve a spin-out of Vinland Lithium shares
Canada-based mineral exploration company Benton Resources has announced that its shareholders have approved a spin-out of approximately 2 million Benton’s 4 million common shares of Vinland Lithium’s Benton to shareholders.
Binland Lithium, which owns the Killick Lithium Project in Newfoundland, Canada, is a joint venture owned by Benton Resources (40%), Socoman Minerals (40%) and Newfoundland Holdings (20%), a subsidiary of Piedmonteritium.
Sokoman shareholders simultaneously approved a similar spin-out of 2 million shares of Vinland Lithium’s Sokoman.
The move was approved under a special resolution to reorganize Benton and Sokoman’s share capital.
TSX Venture Exchange has approved a list of Vinland’s approximately 10 million shares issued. Of this, approximately 40% will be distributed to shareholders of Benton and Sokoman.
The spin-outs are essentially proportional, with the exchange ratio set at around 50 Vinland shares per 5,000 shares, and there are 50 Vinland shares per 8,000 Sokoman shares.
However, accounts holding less than 5,000 Benton shares valued at approximately $375 ($271.39) will not receive Vinland shares due to the very few odd shareholder management and prohibiting compliance costs.
The distribution of Vinland shares to shareholders of Benton and Sokoman is scheduled to take place around April 30, 2025.
The Killick Lithium Project is recognized for its excellent discovery potential within the newly discovered lithium belt.
Piedmont tritium Completed $2 million funding at Vinland We will secure a 19.9% holding at $1 share per share in 2023.
Piedmont has the option to gain direct interest in Killick Lithium by investing $12 million in exploration and development.
Once all the Arn-In options are complete, Piedmont/Piemonteritium will be paid to Benton and Sokoman, totaling $10 million in Piedmont Tritium stocks, in addition to funding all exploration and development costs in Binland.
Benton and Sokoman will hold a 2% net manufacturing profit margin collectively on the Killick project.
“Benton Resources” shareholders have approved Vinland Lithium Stock Spinout” was originally created and published Mining Technologya brand owned by GlobalData.
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