American Creek Resources Ltd. completed the spin-off of Stinger Resources Inc.
Upon completion of the Arrangement, it is intended that Darren Blaney will be the Chief Executive Officer and President of Stinger and Robert Edwards will be Stinger's Chief Financial Officer. Upon completion of the Arrangement, it is expected that Stinger's Board will be comprised of Darren Blaney, Robert Edwards, Dennis Edwards and Sean Pownall. Changes and additions to the management team and Board may be made thereafter, as needed, as the company moves forward with its exploration projects.
The spinout transaction will be effected pursuant to the arrangement provisions of the Business Corporations Act (British Columbia) and must be approved by the Supreme Court of British Columbia and by the affirmative vote of two-thirds (2/3) of American Creek's shareholders in attendance at a shareholders' meeting to be held on December 3, 2020. Completion of the Arrangement is subject to TSXV approval for the Arrangement and TSXV approval for the listing of the Stinger shares upon completion of the Arrangement. The board of directors of American Creek unanimously approved the spinout. The transaction was approved by the shareholders of American Creek Resources Ltd., on December 3, 2020. As of December 3, 2020, completion of the arrangement remains subject to final Court approval and the approval of the TSX Venture Exchange. The Arrangement is expected to close the end of December 2020 or early January 2021. The transaction is expected to be in the first week of March, 2021. As per announcement made on February 16, 2021, the transaction is expected to close on February 25, 2021.
American Creek Resources Ltd. (TSXV:AMK) completed the spin-off of Stinger Resources Inc. on February 25, 2021.