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.
