Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF), the Red lake gold explorer, has begun mailing shareholders details of a special meeting to vote for the previously announced planned spin-out of subsidiary Great Bear Royalties Corp into a separate company.
The meeting is to be held on April 23 at 1pm (PST) at the offices of Blake, Cassels & Graydon LLP, Burrard Street, Vancouver.
In light of the coronavirus (COVID-19) pandemic, the firm said that anyone who was planning to attend the meeting is asked to advise Jeff Dare, Corporate Secretary at [email protected], and the firm asks that only registered shareholders attend the meeting in person.
"Given the need for social distancing in the face of COVID-19, members of the board and management may not be attending the meeting in person and in such case will participate via teleconference," Great Bear added in the statement.
The spinout would be carried out by a plan of arrangement, whereby the owners of Great Bear shares would receive one-fourth of a share in Great Bear Royalties for each Great Bear share held immediately prior to the closing.
Following this, Great Bear Royalties will no longer be a wholly-owned subsidiary of Great Bear. The arrangement needs approval by at least two-thirds (66.6%) of the votes cast by shareholders present in person or represented by proxy and entitled to vote at the meeting.
Great Bear anticipates the arrangement to close on or around April 28, this year and it is expected that shareholders of record immediately prior will be entitled to receive the spin-out's shares.
At the prolific Red Lake gold district in Ontario, Great Bear controls over 300 square kilometres of highly prospective tenure across four projects: the flagship Dixie project (100% owned), and the Pakwash property (earning a 100% interest), the Dedee property (earning a 100% interest), and the Sobel property (earning a 100% interest).
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