BULLETIN V2024-1158
GRID BATTERY METALS INC. ("CELL")
BULLETIN TYPE: Plan of Arrangement-, Notice of Distribution
BULLETIN DATE: April 22, 2024
TSX Venture Tier 2 Company
Plan of Arrangement
TSX Venture Exchange Inc. (the "Exchange") has accepted for filing documentation in connection with an arrangement agreement dated September 27, 2023, as amended on February 20, 2024, between the Company and its wholly-owned subsidiary AC/DC Battery Metals Inc. ("SpinCo"), pursuant to which the parties will complete a plan of arrangement under the provisions of the Business Corporations Act (British Columbia) (the "Plan of Arrangement").
The Exchange has been advised that the Company's shareholders approved the Plan of Arrangement at a special meeting of shareholders held on April 9, 2024 and that the Supreme Court of British Columbia approved the Arrangement on April 12, 2024.
The Exchange has further been advised that all conditions precedent to completion of the Plan of Arrangement have been satisfied and that the Plan of Arrangement will be effected on April 26, 2024 (the "Effective Date").
No SpinCo shares will be listed on the Exchange on closing of the Arrangement. SpinCo may make a separate application to the Exchange at a later date for the listing of the SpinCo shares.
The full particulars of the Plan of Arrangement are set forth in the Company's management information circular dated March 7, 2024, which is available under the Company's SEDAR+ profile.
Notice of Distribution
Under the Plan of Arrangement, on the Effective Date, the Company will distribute 9,414,040 common shares of SpinCo to the Company's shareholders as of the Record Date on a pro rata basis.
Distribution per share: 0.05 of a SpinCo common share
Payable Date: April 26, 2024
Record Date: April 25, 2024
Ex-Distribution Date: April 24, 2024
No fractional Spinco common shares will be distributed. Any fractional amounts will be rounded to the nearest whole SpinCo share.
For further information, please refer to the Company's news release dated April 18, 2024.
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