PR Close POA Spin Off
April
2,
2024
Lancaster
Resources
Closing
of
Spin-Off
of
Nelson
Lake
Copper
Corp.
Vancouver,
British
Columbia
-
Lancaster
Resources
Inc.
(CSE:LCR
|
OTCQB:LANRF
|
FRA:6UF0)
(“
Lancaster”
or
the
“
Company
”
)
and
Nelson
Lake
Copper
Corp.
(“
Nelson
”)
announce
that
the
plan
of
arrangement
previously
announced
on
January
30,
2024
(the
“
Arrangement”
),
including
the
spin-off
of
Lancaster’s
wholly-owned
subsidiary,
Nelson,
closed
today.
The
Arrangement
was
approved
by
the
shareholders
(the
“
Shareholders
”)
of
the
Company’s
common
shares
at
an
annual
and
special
meeting
held
on
March
15,
2024,
and
by
the
British
Columbia
Supreme
Court
in
its
final
order
dated
March
25,
2024.
Today
the
Arrangement
closed
pursuant
to
which
Lancaster
was
issued
1,650,000
Nelson
common
shares
at
a
price
of
$0.02
per
share,
and
Lancaster
completed
the
spin-off
of
a
majority
of
its
ownership
in
Nelson
through
the
issuance
of
stock
dividend
of
1,046,269
Nelson
shares
to
the
Shareholders
at
a
ratio
of
0.02
Nelson
common
shares
for
each
common
share
held
in
Lancaster
as
of
February
5,
2024.
Nelson
also
subscribed
for
550,000
shares
of
Lancaster
at
a
price
of
$0.06
per
share.
Following
the
transaction,
Lancaster
continues
to
own
703,731
common
shares
of
Nelson,
and
Nelson
is
now
a
separate
unlisted
“reporting
issuer”
in
each
of
British
Columbia,
Alberta,
Saskatchewan,
and
Ontario.
Nelson
owns
100%
of
the
Nelson
Lake
Copper
Project,
which
consists
of
1
mining
claim
covering
a
contiguous
block
of
5,746
hectares
in
Saskatchewan
(the
“
Nelson
Lake
Copper
Project
”).
Further
details
regarding
the
Arrangement
can
be
found
in
the
Company's
management
information
circular
dated
February
8,
2024,
which
can
be
found
under
the
Company's
SEDAR+
profile
at
www.sedarplus.ca
.
More
detailed
information
about
the
Nelson
Lake
Copper
Project
is
contained
in
the
Technical
Report
entitled,
Nelson
Lake
Copper
Property,
Saskatchewan
Canada
dated
February
1,
2024,
prepared
by
Nikolay
Bashaev,
Sc.,
P.Geo,
and
Fallon
Clarke,
B.Sc.,
P.
Geo,
of
APEX
Geoscience
Ltd.,
of
Edmonton,
Alberta,
Canada
(the
“
Technical
Report
”).
The
Technical
Report
is
prepared
in
accordance
with
the
Canadian
Institute
of
Mining,
Metallurgy
and
Petroleum
definition
standards
and
best
practice
guidelines
(2014,
2018,
2019)
and
the
Canadian
Securities
Administration’s
Standards
for
Disclosure
of
Mineral
Projects,
National
Instrument
43-101
which
can
be
found
under
the
SEDAR+
profile
for
Nelson.
About
Lancaster
Resources
Inc.
Lancaster
Resources
(CSE:LCR
|
OTCQB:LANRF
|
FRA:6UF0)
is
engaged
in
exploring
lithium
and
uranium
and
other
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
services
exploration.
Lancaster
holds
a
100-per-cent
interest
in
the
Catley
Lalk
and
Centennial
East
Uranium
projects
in
the
Athabasca
basin
in
Saskatchewan,
Canada.
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.