2 total
The court granted final approval for a corporate plan of arrangement to spin out a subsidiary.
Consolidated Uranium Inc. (CUR) applied under section 182 of the Business Corporations Act for final court approval of a plan of arrangement to spin out Premier American Uranium Inc. (PUR).
The court had previously granted an interim order for a shareholder meeting, where the arrangement was overwhelmingly approved (99.96% of votes cast).
No shareholders exercised dissent rights.
The court applied the three-part test for arrangement approval, confirming that statutory procedures were met, the application was in good faith, and the arrangement was fair and reasonable, noting the strong shareholder approval and the fact that the arrangement did not impact proportionate ownership, thus not requiring a fairness opinion.
The final approval order was granted.
Application granted; Probe Mines Limited deemed to no longer be a reporting issuer.
The Applicant, Probe Mines Limited, applied to the securities regulatory authorities in Ontario, Alberta, and Quebec for a decision that it is no longer a reporting issuer.
The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.
The Decision Maker was satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.
