First Energy Metals (CSE: FE) (OTCQB: FEMFF) (WKN: A2JC89) today announced its intention to complete a plan of arrangement under the British Columbia Business Corporations Act, pursuant to which First Energy would spin off assets related to its current exploration properties located in Quebec and Ontario (the “spin-out transaction”) into a separate wholly owned subsidiary of First Energy (“Spinco”). Prior to completion of the transaction, First Energy intends to consolidate its common shares on the basis of 3.80 existing common shares for 1 post-consolidation common share. To date, First Energy Metals has a total of 85,064,215 common shares issued and outstanding and, once the share consolidation becomes effective, the company will have a total of approximately 22,385,320 post-consolidation shares issued and outstanding. As part of the share consolidation, the company will change its name to FE Battery Metals Corp. The share consolidation is anticipated to become effective on or before Oct. 27, 2022, at which time, the company’s post-consolidation shares will commence trading on the CSE under the same trading symbol FE. The company also intends, prior to completion of the spin-out transaction and post share consolidation, to complete a non-brokered private placement for gross proceeds of up to $1,500,000. The share consolidation and private placement are subject to the approval of the Canadian Securities Exchange. In addition, the spin-out transaction is subject to various customary closing conditions, including among others, the approval of the British Columbia Supreme Court, the shareholders of the company, and the Canadian Securities Exchange. First Energy intends to seek a subsequent listing on the Canadian Securities Exchange of Spinco.
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About First Energy Metals Limited
First Energy Metals is a Canadian mineral exploration company. For more information, visit www.FirstEnergyMetals.com.
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