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Victory Battery Metals Corp. (CSE:VR, FWB:VR6, OTC PINK:VRCFF) has closed its acquisition of Yellow Chief Uranium Inc. properties in Utah and Saskatchewan. The company issued 8,000,000 common shares at a deemed price of $0.05 per share, as per the June 26, 2024 Option Agreement. These shares are subject to a four-month and one-day hold period.
Initially an arms-length transaction, the deal’s nature changed when Yellow Chief’s CEO became Victory’s CEO. If classified as a related party transaction, Victory would rely on exemptions from valuation and minority shareholder approval requirements of MI 61-101, as the participation was less than 25% of the company’s market capitalization at the time.
Victory Battery Metals Corp. (CSE:VR, FWB:VR6, OTC PINK:VRCFF) ha completato l’acquisizione dei beni di Yellow Chief Uranium Inc. nello Utah e in Saskatchewan. L’azienda ha emesso 8.000.000 azioni ordinarie a un prezzo stimato di $0,05 per azione, secondo l’Accordo di Opzione del 26 giugno 2024. Queste azioni sono soggette a un periodo di blocco di quattro mesi e un giorno.
Inizialmente una transazione tra parti indipendenti, la natura dell’accordo è cambiata quando il CEO di Yellow Chief è diventato il CEO di Victory. Se classificata come transazione tra parti correlate, Victory si avrebbe fidato di deroghe dai requisiti di valutazione e approvazione da parte degli azionisti di minoranza secondo il MI 61-101, poiché la partecipazione era inferiore al 25% della capitalizzazione di mercato dell’azienda al momento.
Victory Battery Metals Corp. (CSE:VR, FWB:VR6, OTC PINK:VRCFF) ha finalizado la adquisición de propiedades de Yellow Chief Uranium Inc. en Utah y Saskatchewan. La empresa emitió 8,000,000 acciones ordinarias a un precio considerado de $0.05 por acción, según el Acuerdo de Opción del 26 de junio de 2024. Estas acciones están sujetas a un período de retención de cuatro meses y un día.
Inicialmente, se trataba de una transacción entre partes independientes, pero la naturaleza del acuerdo cambió cuando el CEO de Yellow Chief se convirtió en el CEO de Victory. Si se clasifica como una transacción entre partes relacionadas, Victory confiaría en exenciones de los requisitos de valoración y aprobación de los accionistas minoritarios del MI 61-101, ya que la participación era inferior al 25% de la capitalización de mercado de la compañía en ese momento.
Victory Battery Metals Corp. (CSE:VR, FWB:VR6, OTC PINK:VRCFF)는 Yellow Chief Uranium Inc.의 자산을 인수 완료했습니다. 유타와 사스카체완에서 이루어진 거래입니다. 회사는 8,000,000주 일반 주식을 주당 $0.05의 평가 가격으로 발행했습니다. 이는 2024년 6월 26일 옵션 계약에 따른 것입니다. 이 주식은 4개월 1일의 보유 기간이 있습니다.
처음에는 독립적인 거래였지만, Yellow Chief의 CEO가 Victory의 CEO가 되면서 거래의 성격이 바뀌었습니다. 관련 당사자 거래로 분류될 경우, Victory는 당시 회사의 시가 총액의 25% 미만인 참여에 대해 MI 61-101의 평가 및 소수 주주 승인 요건의 면제를 받을 것입니다.
Victory Battery Metals Corp. (CSE:VR, FWB:VR6, OTC PINK:VRCFF) a conclu l’acquisition des propriétés de Yellow Chief Uranium Inc. dans l’Utah et la Saskatchewan. L’entreprise a émis 8 000 000 d’actions ordinaires à un prix estimé de 0,05 $ par action, conformément à l’Accord d’Option du 26 juin 2024. Ces actions sont soumises à une période de blocage de quatre mois et un jour.
Au départ une transaction entre parties indépendantes, la nature de l’accord a changé lorsque le PDG de Yellow Chief est devenu le PDG de Victory. Si elle est classée comme une transaction entre parties liées, Victory s’appuierait sur des exemptions des exigences d’évaluation et d’approbation des actionnaires minoritaires selon le MI 61-101, car la participation était inférieure à 25 % de la capitalisation boursière de l’entreprise à ce moment-là.
Victory Battery Metals Corp. (CSE:VR, FWB:VR6, OTC PINK:VRCFF) hat die Akquisition der Vermögenswerte von Yellow Chief Uranium Inc. in Utah und Saskatchewan abgeschlossen. Das Unternehmen hat 8.000.000 Stammaktien zu einem angenommenen Preis von 0,05 $ pro Aktie gemäß dem Optionsvertrag vom 26. Juni 2024 ausgegeben. Diese Aktien unterliegen einer Sperrfrist von vier Monaten und einem Tag.
Ursprünglich war es eine Transaktion zwischen unabhängigen Parteien, jedoch änderte sich die Natur des Geschäfts, als der CEO von Yellow Chief CEO von Victory wurde. Wenn diese als Transaktion zwischen nahestehenden Parteien eingestuft wird, würde Victory sich auf Ausnahmen von den Bewertungs- und Genehmigungsanforderungen für Minderheitsaktionäre gemäß MI 61-101 verlassen, da die Beteiligung zu diesem Zeitpunkt weniger als 25 % der Marktkapitalisierung des Unternehmens ausmachte.
Positive
- Acquisition of uranium properties in Utah and Saskatchewan, potentially expanding Victory’s resource portfolio
- Completion of the acquisition as previously announced, demonstrating follow-through on strategic plans
Negative
- Issuance of 8,000,000 new shares, potentially diluting existing shareholders
- Potential conflict of interest with Yellow Chief’s CEO becoming Victory’s CEO during the transaction process
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC / ACCESSWIRE / August 30, 2024 / Victory Battery Metals Corp. (CSE:VR)(FWB:VR6)(OTC PINK:VRCFF) (“Victory” or the “Company“) announced that it has closed its previously announced acquisition of the Yellow Chief Uranium Inc. properties located in Utah and Saskatchewan. The Company issued 8,000,000 common shares at a deemed price of $0.05 in accordance with the terms of the June 26, 2024 Option Agreement.
The common shares are subject to a four-month and one-day hold period.
The Company advised that when originally signed, the agreement was an arms length transaction, but the Yellow Chief. CEO subsequently became the CEO of the Company. If the transaction were to be classifed as a related party transaction, the Company would note that as such participation was less than 25% of the market capitalization of the Company at the time, the Company would rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.
About Victory Battery Metals
Victory is a publicly traded diversified investment corporation with mineral interests in North America. The Company’s head office is located at 1780-355 Burrard Street, Vancouver, BC, V6C 2C8, and its Common Shares are currently listed on the CSE.
Contact Information
For further information, please contact:
David Stadnyk, President
Phone: +1 (236) 317-2822 or toll-free +1 (855) 665-GOLD (4653)
E-mail: info@victorybatterymetals.com
www.victorybatterymetals.com
Cautionary Statement Regarding Forward-Looking Information
Statements in this press release regarding the Company which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such forward-looking information can be generally identified by terms such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe”, and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future, and readers are cautioned that such forward-looking statements may not be appropriate for other purposes. By its nature, this forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions may not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities may not be achieved. These risks and uncertainties include but are not limited to those identified and reported under the Company’s disclosure documents available on its SEDAR+ profile at www.sedarplus.com.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Victory Resources Corporation
View the original press release on accesswire.com
FAQ
What properties did Victory Battery Metals (VRCFF) acquire in the recent transaction?
Victory Battery Metals acquired Yellow Chief Uranium Inc. properties located in Utah and Saskatchewan.
How many shares did Victory Battery Metals (VRCFF) issue for the Yellow Chief acquisition?
Victory Battery Metals issued 8,000,000 common shares at a deemed price of $0.05 per share for the acquisition.
When did Victory Battery Metals (VRCFF) close the acquisition of Yellow Chief Uranium properties?
Victory Battery Metals closed the acquisition on August 30, 2024, as announced in the press release.
What is the hold period for the shares issued by Victory Battery Metals (VRCFF) in the Yellow Chief acquisition?
The common shares issued are subject to a four-month and one-day hold period.
