Arrangement approved by approximately 99.99% of the votes cast by shareholders. Pan American intends to make an application to the Supreme Court of British Columbia for final approval of the Arrangement on April 14, 2023.
Calgary AB – Pan American Energy Corp. (the “Company” or “Pan American”) (CSE: PNRG) (OTC PINK: PAANF) (FRA: SS6) is pleased to announce that Pan American shareholders (“Shareholders”) approved the plan of arrangement (the “Arrangement”) with Legacy Lithium Corp. (“Legacy”) at the special meeting of Shareholders held today (the “Meeting”).
Under the Arrangement, the owners of common shares of the Company (each, a “Common Share”) are entitled to receive one-fifth of a common share of Legacy for each Common Share held immediately prior to the closing of the Arrangement, which is expected to be on or about April 21, 2023. Following the Arrangement, Legacy will no longer be a wholly-owned subsidiary of the Company.
The Arrangement was approved by approximately 99.99% of the votes cast by Shareholders, with Shareholders holding 16,373,121 Common Shares, or approximately 35% of the outstanding Common Shares, present in person or represented by proxy at the Meeting.
The Company intends to make an application to the Supreme Court of British Columbia (the “Court”) for final approval of the Arrangement on April 14, 2023.
About Pan American Energy Corp.
Pan American Energy Corp. (CSE: PNRG) (OTC PINK: PAANF) (FSE: SS6) is an exploration stage company engaged principally in the acquisition, exploration and development of mineral properties containing battery metals in North America.
The Company’s maiden asset is the 100% owned Green Energy Lithium Project, located in the Paradox Basin, Utah, USA. The Company has also entered a property option agreement with Horizon Lithium LLC with the right to acquire 100% interest in the Horizon Lithium Project, located within the Clayton Valley – Tonopah Lithium Belt, Nevada, USA.
The Company executed an option agreement in Canada with Magabra Resources with the right to acquire up to 90% interest in the drill-ready Big Mack Lithium Project, 80 km north of Kenora, Ontario.
On Behalf of the Board of Directors
CEO & Director
Phone : (587) 885-5970
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the Arrangement, including the date on which the Company intends to make an application to the Court for final approval of the Arrangement and the consummation of the Arrangement.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, that no significant event will occur outside of our normal course of business and operations (other than as expressly set out herein); the Company’s ability to obtain required Court approval in a timely matter; and the Company’s and Legacy’s ability to satisfy the conditions precedent to the Arrangement.
Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, the risk that the Company and Legacy may not receive the required Court approval to effect the Arrangement; that the Company and Legacy may not be able to satisfy the conditions precedent to the Arrangement and close the Arrangement on the timeline currently anticipated, or at all; changes in laws, regulations and government practices; that a material adverse change may occur to the business of Pan American or Legacy; and such other risks as are identified in the information circular distributed by Pan American in respect of the Meeting and in the Company’s public disclosure documents filed on SEDAR at www.sedar.com. The forward-looking information contained in this release is made as of the date hereof, and the Company not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The CSE has neither approved nor disapproved the information contained herein.