DeepRock Minerals Proposes Spinout To Maximize Value And To Focus On Lithium Exploration In Brazil
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DeepRock Minerals Proposes Spinout To Maximize Value And
To Focus On Lithium Exploration In Brazil
VANCOUVER, BRITISH COLUMBIA – October 5th, 2023 – DeepRock Minerals Inc. (the “Company”
or “DeepRock”) (CSE: DEEP) is proposing a plan to “spin out” its Canadian mineral properties – the
Ralleau VMS Project in Quebec and the Golden Gate Project in New Brunswick – into one company, and
its Zapozilor Polymetallic Project in Romania to another company (the “Spin-Out”). The Spin-Out will
allow DeepRock to continue as a single entity solely focused on the Esperança and the Galilea Lithium
Projects in Minas Gerais, Brazil.
It is anticipated that the Spin-Out will be completed by way of a statutory plan of arrangement (the
“Arrangement”) under the Business Corporations Act (British Columbia) and will be subject to shareholder
and regulatory approval, as well as approval of the Supreme Court of British Columbia. The Company
expects to proceed with the Arrangement sometime in early 2024, and full details of the Spin-Out will be
disclosed in the management information circular for the special meeting to be held.
“DeepRock’s board believes the proposed spin-out will be in the best interests of shareholders,” says
Andrew Lee, CEO of DeepRock. “By segregating the mineral properties, we aim to maximize the value of
each project. We believe it’s a win-win situation for shareholders to hold shares in three companies with
different projects that will now receive the attention that each deserves.”
ON BEHALF OF THE BOARD OF DIRECTORS
“Andrew Lee”
Andrew Lee
CEO, President, and Director
Email: [email protected]
Phone: 778-302-2257
Cautionary Note Regarding Forward-Looking Statements:
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news
release may contain “forward-looking statements”, which are statements about the future based on current
expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward -looking
statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance
that such statements will prove to be accurate or true. Without limitation, this press release contains forward-looking
statements pertaining to a proposed plan of arrangement, which may or may not occur. Investors should not place
undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-
looking statements except as required by law.