TORONTO, April 06, 2026 (GLOBE NEWSWIRE) -- McChip Resources Inc. (the "Company") (TSX-V:MCS-X) today announced that the Board of Directors of the Company (the "Board") has declared a special one-time distribution of cash (the "Cash Distribution") and a special one-time distribution of common shares of Taranis Resources Inc. ("Taranis Shares") that are held by the Company (the "Share Distribution", and, collectively with the Cash Distribution, the "Distributions") to its shareholders (the "Shareholders") of record at the close of business on April 10, 2026 (the "Record Date"). The Distributions will be made on April 21, 2026 (the "Distribution Date").
After careful consideration of the potential alternatives, the Board determined that it is in the best interest of the Company for it to make the Distributions.
Each of the Cash Dividend and the Share Distribution is designated as an "eligible dividend" for Canadian income tax purposes.
Cash Distribution
The Company will distribute an aggregate of $6,556,105.60 pursuant to the Cash Distribution which will amount to $1.10 per common share of the Company (a "Company Share") held. A portion of the Cash Distribution in the amount of $5,185,283.52 (or $0.87 per Common Share) will constitute a return of capital to the Shareholders, with the remainder in the amount of $1,370,822.08 (or $0.23 per Common Share) (the "Cash Dividend") to be treated as a dividend. On October 1, 2025, the Shareholders approved a special resolution authorizing a reduction of the stated capital account maintained in respect of the Company Shares by an amount equal to $5,200,000 to allow the Company to make such return of capital in cash to the Shareholders.
Taranis Resources Inc. Share Distribution
The Company will distribute an aggregate of 17,377,244 Taranis Shares to the Shareholders pursuant to the Share Distribution, which will amount to approximately 2.9156 Taranis Shares per Company Share held.
The Share Distribution will be effected by way of a dividend-in-kind.
"Due Bill" Trading
The Distributions will be completed in accordance with the applicable "due bill" trading procedures of the TSX Venture Exchange. The Company Shares will be traded in accordance with the "due bill" procedures from the Record Date, being April 10, 2026 (inclusive), until the close of trading on the Distribution Date, being April 21, 2026 (inclusive) (the "Due Bills Period"). Any trades executed on the TSX Venture Exchange during the Due Bills Period will be identified to ensure that purchasers of Company Shares receive entitlement to the Distributions, whereby the sellers of the Company Shares during the Due Bills Period will also sell their entitlement to the Distributions to the respective purchasers of such Company Shares. The Company Shares will commence trading on an "ex-distribution" basis without an attached "Due Bill" entitlement to the Distributions from the opening of trading on the day following the Distribution Date, being April 22, 2026, which is the applicable redemption date for the "Due Bills".
For further information contact: Edward G. Dumond
Corporate Secretary
289-231-4765
McChip Resources Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Certain statements in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information contained in forward-looking statements can be identified by the use of words such as "are expected", "is forecast", "is targeted", "approximately", "plans", "anticipates", "projects", "continue", "estimate", "believe" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. This news release contains forward-looking information regarding the effects of such transactions or the ability of the Company to successfully achieve business objectives, including the effects of unexpected costs, liabilities or delays and whether the Distributions are completed. Forward-looking information involves a number of known and unknown risks and uncertainties, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, the Company can give no assurance that those expectations will prove to have been correct. Accordingly, readers should not place undue reliance on forward-looking information.
For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent management's discussion and analysis, as well as other public disclosure documents that can be accessed under the issuer profile of "McChip Resources Inc." on SEDAR+ at www.sedarplus.com. The forward-looking information set forth herein reflects the Company's reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
