TSX-V-listed World Copper has garnered conditional approval from the stock exchange to spin out its interests in Chilean subsidiaries to a wholly-owned subsidiary of the company, with shareholders benefitting from common shares issued in the capital of the spun-out company.
World Copper will host its AGM and special meeting of shareholders on June 18. Should shareholders approve the spin-out and consolidation exercise, the number of issued and outstanding common shares of World Copper will be reduced from 262-million to 13.1-million.
World Copper says the spin-out of its interests in Chilean subsidiaries to a single wholly-owned subsidiary will make the group’s common shares more attractive to a broader range of investors, improve trading liquidity and enhance the group’s ability to raise capital on more favourable terms.
The arrangement will also need approval by the Supreme Court of British Columbia.
World Copper, based in Vancouver, British Columbia, is focused on developing the Brassie Creek copper and gold project in southern British Columbia. The company’s assets in Chile include the Escalones and Cristal projects.