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Lancaster Resources Announces Receipt of Interim Order for Crestfield Copper Spin-Off – TipRanks Financial Blog

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VANCOUVER, British Columbia, Feb. 09, 2024 (GLOBE NEWSWIRE) — Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) (“Lancaster” or the “Company) is pleased to announce that on February 2, 2024, the Supreme Court of British Columbia granted an interim order (the “Interim Order”) in connection with the proposed spin-off of Nelson Lake Copper Corp. (“Nelson Lake”) by Lancaster by way of Plan of Arrangement (the “Arrangement”). For further information on the Arrangement and the arrangement agreement (the “Arrangement Agreement“), please refer to Lancaster’s news release dated January 30, 2024.

The Interim Order, among other things, directs Lancaster to call and hold a special meeting (the “Meeting“) of the holders of Lancaster common shares (the “Shareholders“) in accordance with the Business Corporations Act, BC, to pass a special resolution to approve the Arrangement. In accordance with the Interim Order, the Meeting will be held at 10:00 a.m. (Vancouver time), March 15, 2024, at the offices of the Company.

The record date for determining the Shareholders entitled to receive notice and to vote at the Meeting was the close of business on February 5, 2024, as was described in the Company’s press release dated January 30, 2024.

In connection with the Meeting, the Company will mail an information circular (the “Circular”), together with related proxy materials (collectively, the “Meeting Materials“) to Shareholders in accordance with applicable securities laws. The Meeting Materials will also be available on SEDAR (www.sedar.com) under Lancaster’s profile.

To be effective, the Arrangement must be approved by a special resolution passed at the Meeting by at least two-thirds (66 ⅔%) of the votes cast at the Meeting in person or by proxy by the Shareholders.

If all necessary approvals are obtained, the Company expects that the Arrangement will close in March 2024.

About Lancaster Resources Inc.

Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring critical minerals. Its Alkali Flat Lithium Project, in Lordsburg, New Mexico, USA, involves the exploration of a below-surface lithium brine target. Lancaster’s goal at Alkali Flat is to produce Net-Zero Lithium through the use of direct lithium extraction (DLE) technology and solar power. Lancaster is also collaborating to deploy advanced satellite hyperspectral acquisition, geospatial data aggregation, and AI-driven predictive modelling…

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