MGX Minerals Inc (CSE:XMG) (OTCMKTS:MGXMF) said Wednesday that its shareholders voted to approve the spinoff of MGX Renewables Inc.
Vancouver-based MGX Minerals said in a press release that shareholders as of June 29 would receive one MGX Renewables share for 12.4163 MGX Minerals shares held. Moreover, shareholders of record on October 22 would receive one MGX Renewables share for 59.8186 MGX Minerals shares held as a return of capital.
The company plans to complete the spinoff of 40% of the common shares of MGX Renewables as part of a going-public transaction scheduled for February.
The deal was approved by 98.06% of the votes cast by shareholders represented in person or by proxy. At the January 11 meeting, 17.7% of shares on record were voted, according to MGX Minerals.
MGX Renewables was known as ZincNyx Energy Solutions Inc when MGX Minerals agreed to acquire it in December 2017.
Last month, MGX Minerals said it had received Supreme Court of British Columbia approval of its plan for MGX Renewables.
Separately, shareholders set the number of directors at five and elected to the board Jared Lazerson, Lyndon Patrick, Michael Reimann, Andris Kikauka and Christopher Wolfenberg. Adam Sung Kim Ltd. was reappointed as auditor.
Shares of MGX Minerals fetched C$0.40 in Wednesday’s Canadian trading. They traded at US$0.30 on the OTC Markets.
Contact Dennis Fitzgerald at [email protected]