PR - Interim Order for Spin Off of Nelson Lake
February
12,
2024
CORRECTION
-
Lancaster
Resources
Announces
Receipt
of
Interim
Order
for
Nelson
Lake
Spin-Off
Vancouver,
British
Columbia
-
Lancaster
Resources
Inc.
(CSE:LCR
|
OTCQB:LANRF
|
FRA:6UF0)
(“
Lancaster”
or
the
“
Company
”
)
is
pleased
to
announce
that
on
February
2,
2024,
the
Supreme
Court
of
British
Columbia
granted
an
interim
order
(the
“
Interim
Order
”)
in
connection
with
the
proposed
spin-off
of
Nelson
Lake
Copper
Corp.
(“
Nelson
Lake
”)
by
Lancaster
by
way
of
Plan
of
Arrangement
(the
“
Arrangement
”).
For
further
information
on
the
Arrangement
and
the
arrangement
agreement
(the
"
Arrangement
Agreement
"),
please
refer
to
Lancaster’s
news
release
dated
January
30,
2024.
The
Interim
Order,
among
other
things,
directs
Lancaster
to
call
and
hold
a
special
meeting
(the
"
Meeting
")
of
the
holders
of
Lancaster
common
shares
(the
"
Shareholders
")
in
accordance
with
the
Business
Corporations
Act
,
BC,
to
pass
a
special
resolution
to
approve
the
Arrangement.
In
accordance
with
the
Interim
Order,
the
Meeting
will
be
held
at
10:00
a.m.
(Vancouver
time),
March
15,
2024,
at
the
offices
of
the
Company.
The
record
date
for
determining
the
Shareholders
entitled
to
receive
notice
and
to
vote
at
the
Meeting
was
the
close
of
business
on
February
5,
2024,
as
was
described
in
the
Company’s
press
release
dated
January
30,
2024.
In
connection
with
the
Meeting,
the
Company
will
an
information
circular
(the
“
Circular
”),
together
with
related
proxy
materials
(collectively,
the
"
Meeting
Materials
")
to
Shareholders
in
accordance
with
applicable
securities
laws.
The
Meeting
Materials
will
also
be
available
on
SEDAR
(www.sedar.com)
under
Lancaster’s
profile.
To
be
effective,
the
Arrangement
must
be
approved
by
a
special
resolution
passed
at
the
Meeting
by
at
least
two-thirds
(66
⅔%)
of
the
votes
cast
at
the
Meeting
in
person
or
by
proxy
by
the
Shareholders.
If
all
necessary
approvals
are
obtained,
the
Company
expects
that
the
Arrangement
will
close
in
March
2024.
About
Lancaster
Resources
Inc.
Lancaster
Resources
(CSE:LCR
|
OTCQB:LANRF
|
FRA:6UF0)
is
engaged
in
exploring
critical
minerals.
Its
Alkali
Flat
Lithium
Project,
in
Lordsburg,
New
Mexico,
USA,
involves
the
exploration
of
a
below-surface
lithium
brine
target.
Lancaster’s
goal
at
Alkali
Flat
is
to
produce
Net-Zero
Lithium
through
the
use
of
direct
lithium
extraction
(DLE)
technology
and
solar
power.
Lancaster
is
also
collaborating
to
deploy
advanced
satellite
hyperspectral
acquisition,
geospatial
data
aggregation,
and
AI-driven
predictive
modelling
servic
es
for
the
exploration
of
lithium,
uranium,
rare
earth
elements
(REE),
and
other
critical
minerals
Lancaster’s
project
portfolio
includes
rights
to
acquire
the
Trans-Taiga
Lithium
Property
located
within
the
James
Bay
lithium
district
of
Quebec
and
the
Nelson
Lake
Copper
Project
in
Saskatchewan,
Canada,
held
through
its
subsidiary
Nelson
Lake
Copper
Corp.
Lancaster
is
in
the
process
of
divesting
a
majority
of
its
ownership
in
Nelson
Lake
through
a
spin-off
transaction.
Guiding
Lancaster's
journey
is
a
skilled
management
and
technical
team
with
collective
involvement
in
over
15
commercial
mineral
discoveries
and
endowed
with
extensive
experience
in
the
creation
of
lithium
brine
targets
and
the
exploration
and
development
of
exploration
projects
across
Canada,
the
American
West,
Mexico,
and
South
America.
Penny
White,
President
&
Chief
Executive
Officer
Lancaster
Resources
Inc.
Email:
Tel:
604
923
6100
Website:
www.lancaster-resources.com
Cautionary
Statement
Regarding
Forward-Looking
Statements
Certain
statements
contained
in
this
press
release
constitute
forward-looking
information.
These
statements
relate
to
future
events
or
Lancaster’s
future
performance.
The
use
of
any
of
the
words
“could,”
“expect,”
“believe,”
“will,”
“projected,”
“estimated,”
and
similar
expressions
and
statements
relating
to
matters
that
are
not
historical
facts
are
intended
to
identify
forward-looking
information
and
are
based
on
Lancaster’s
current
belief
or
assumptions
as
to
the
outcome
and
timing
of
such
future
events.
Actual
future
results
may
differ
materially.
In
particular,
the
ability
of
Lancaster
to
enter
into
an
Arrangement
Agreement
and
meet
the
other
conditions
precedent
of
the
Spin-Off
Agreement,
the
ability
of
Lancaster
to
execute
its
exploration
plans,
obtain
exploration
and
drilling
permits,
raise
capital,
retain
key
personnel,
identify,
acquire,
explore,
and
develop
high-quality
mineral-rich
properties,
and
integrate
sustainable
energy
sources
and
innovative
technologies
for
climate-positive
resource
production
constitute
forward-looking
information.
Actual
results
and
developments
may
differ
materially
from
those
contemplated
by
forward-looking
information.
Readers
are
cautioned
not
to
place
undue
reliance
on
forward-looking
information.
The
statements
made
in
this
press
release
are
made
as
of
the
date
hereof.
Lancaster
disclaims
any
intention
or
obligation
to
publicly
update
or
revise
any
forward-looking
information,
whether
as
a
result
of
new
information,
future
events,
or
otherwise,
except
as
may
be
expressly
required
by
applicable
securities
laws.
The
Canadian
Securities
Exchange
has
not
reviewed,
approved
or
disapproved
the
contents
of
this
news
release.