The acquisition of IEC was completed by way of plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"), effective June 6, 2016 (“Effective Date”). As a result of the Arrangement, Denison acquired all of the issued and outstanding IEC Shares that it did not already own, while certain non-Canadian assets were spun out to a former subsidiary of IEC ("Spinco").
Under the Arrangement, each IEC Share was exchanged for 0.26 of a Denison common share, one common share of Spinco, and one-half of a warrant to acquire an additional Spinco share at a price of $5.00 for six months. Any outstanding warrants and options of IEC were automatically exchanged for options and warrants of Denison and Spinco. All options and warrants of Denison have been adjusted by reference to the exchange ratio of 0.26. The Denison options issued in the exchange expired 90 days after the Effective Date, and the Denison warrants issued in the exchange will expire in accordance with the expiry dates of the original IEC warrants.
In accordance with exchange requirements, trading of IEC Shares was halted at IEC's request at the close of market on the TSX Venture Exchange on June 6, 2014 and delisted on June 10, 2014, and IEC subsequently ceased to be a reporting issuer under the securities laws of British Columbia and Alberta.
The final proscription date for the exchange of IEC Shares for their entitlements under the Arrangement has passed (effective June 6, 2016), and certificates representing IEC Shares no longer represent any right to acquire Denison securities.
Spinco holds 100% of the Contact Copper Project and all other US mineral properties formerly owned by IEC. Former IEC shareholders now own approximately 2.1% of Denison.
For questions related to Spinco, any share, option or warrant entitlements with respect thereto, and the Contact Copper Project, please contact CopperBank Resources Corp. at 604.681.5672 or info@copperbankcorp.com.
