TORONTO, June 30, 2021 (GLOBE NEWSWIRE) -- Waverley Resources Ltd. ("Waverley" or the "Corporation") is pleased to announce that the previously announced plan of arrangement ("Arrangement") to reorganize its business, including the spin-off of two of its wholly-owned subsidiaries, Talmine Resources Ltd. ("Talmine") and Woodbridge Resources Ltd. ("Woodbridge"), closed today.
The Arrangement was approved by the holders (the "Waverley Shareholders") of Waverley common shares ("Waverley Shares") at an annual and special meeting held on June 23, 2021 and by the Ontario Superior Court of Justice in its final order dated June 25, 2021.
The Arrangement included a transfer of ownership and rights in the Tin City Tungsten-Silver-Lead-Zinc property from Waverley to Talmine, a transfer of ownership and rights in the Lauder Copper-Gold property from Waverley to Woodbridge, and then a distribution of all of the Talmine common shares ("Talmine Shares") and all of the Woodbridge common shares ("Woodbridge Shares") to Waverley Shareholder on a pro rata basis.
Pursuant to the Arrangement, Waverley Shareholders received 0.10 Talmine Share, 0.10 Woodbridge Share and one new Waverley common share with substantially the same terms as the existing Waverley common shares in exchange for each Waverley Share held as of the effective date of the Arrangement, being June 30, 2021.
Talmine and Woodbridge are not listed on a public stock exchange but, post-closing of the Arrangement, are both reporting issuers in Alberta, British Columbia and Ontario. Waverley remains an unlisted reporting issuer in Alberta, British Columbia and Ontario and continues to actively seek more advanced assets or business opportunities.
For further details on the Arrangement, please refer to Waverley's management information circular dated May 25, 2021 which is available under the Corporation's profile on SEDAR at www.sedar.com.
For Further Information:
Fraser Buchan
Chief Executive Officer
Telephone: (416) 473-4099
