VIRGINIA ENERGY RESOURCES INC. ("VUI")
BULLETIN TYPE: Plan of Arrangement-, Delist
BULLETIN DATE: January 24, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange Inc. (the "Exchange") has accepted for filing documentation in connection with the arrangement between Virginia Energy Resources Inc. (the "Company") and Consolidated Uranium Inc. ("CUR"), pursuant to the terms of an arrangement agreement dated November 14, 2022, and a court-approved plan of arrangement under section 288 of the Business Corporations Act (British Columbia) (the "Arrangement").
Pursuant to the terms of the Arrangement, all of the issued and outstanding common shares of the Company (each, a "Company Share"), other than Company Shares already held by CUR, were exchanged on the basis of 0.26 (the "Exchange Ratio") of a common share of CUR (each whole common share, a "CUR Share") for each Company Share (the "Consideration"). Holders of outstanding stock options to purchase Company Shares (each, a "Company Option") have received replacement options to acquire CUR Shares adjusted based on the Exchange Ratio and holders of outstanding restricted share units of the Company (the "Company RSUs") had their Company RSUs vest and settled for Company Shares and then exchanged for the Consideration.
The Exchange has been advised that approval of the Arrangement by shareholders of the Company was received at a special meeting of shareholders held on January 19, 2023, and that the Supreme Court of British Columbia provided its final order approving the plan of arrangement on January 23, 2023. The Exchange has been advised that the Arrangement closed on January 24, 2023. The full particulars of the Arrangement are set forth in the Company's Information Circular dated December 15, 2022, which is available under the Company's profile on SEDAR.
Delist:
Further to the completion of the Arrangement effective at the close of business Wednesday, January 25, 2023, the common shares of the Company will be delisted from TSX Venture Exchange at the request of the Company.
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