Arrangement Approval and Shareholder Vote - ALX Resources Corp received shareholder approval for the previously announced plan of arrangement with Greenridge Exploration Inc, with 85.08% of shareholders voting in favor [2][3] - The arrangement involves Greenridge acquiring all outstanding common shares of ALX through a court-approved plan under the Business Corporations Act (British Columbia) [3] - The arrangement resolution required approval from 66⅔% of votes cast by shareholders, which was surpassed with 85.08% approval [3] - All matters put before shareholders at the meeting, including the arrangement resolution, were approved [3] Voting Results - The number of directors was approved with 87.90% of votes in favor [4] - The election of directors was approved with 87.41% of votes in favor [4] - The appointment of auditors was approved with 87.19% of votes in favor [4] - The approval of the stock option plan was approved with 86.79% of votes in favor [4] - The approval of the arrangement was approved with 85.08% of votes in favor [4] Arrangement Details - Under the arrangement agreement, each ALX shareholder will receive 0.045 common shares of Greenridge for each ALX common share held [10] - Upon completion of the arrangement, existing Greenridge and ALX shareholders will own approximately 75.2% and 24.8% respectively of the combined entity, which will retain the name Greenridge [10] - The arrangement is expected to close on or about December 13, 2024, subject to regulatory and court approvals [8] Company Overview - ALX Resources Corp is based in Vancouver, BC, Canada, and its common shares are listed on the TSXV, Frankfurt Stock Exchange, and the US OTC market [11] - The company explores a portfolio of prospective mineral properties in Canada, including uranium, lithium, nickel, copper, and gold projects [12] - ALX holds interests in over 240,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction with high-grade uranium mines and other mineral resources [12] Mineral Projects - ALX has 100% interests in several uranium projects in northern Saskatchewan, including Gibbons Creek, Sabre, Bradley, Javelin, and McKenzie Lake [13] - The company also owns 100% interests in the Firebird Nickel Project, Flying Vee Nickel/Gold, and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project [14] - ALX owns or can earn up to 100% interests in the Electra Nickel Project and the Cannon Copper Project in Ontario, and the Vixen Gold Project, which is under option to First Mining Gold Corp [15] - The company holds a 50% interest in the Hydra Lithium Project in Quebec and 100% interests in the Anchor, Crystal, and Reindeer Lithium Projects in Nova Scotia and Saskatchewan [16]
ALX Resources Corp. Receives Shareholder Approval for the Previously Announced Plan of Arrangement with Greenridge Exploration Inc.