Origen Resources Inc. completed the Spin-Off of Forty Pillars Mining Corp.
The proposed Board of Forty Pillars on completion is Nader Vatanchi, Abbey Abidiye, Alex Klenman, Gary Schellenberg and Mike Sieb. The transaction is subject to approval from Supreme Court of British Columbia, listing approval on Canadian Securities Exchange, approval from Board of Directors and shareholders of Origen Resources and fairness opinion for Origen and tax advice. As of May 12, 2021, shareholders of Origen Resources Inc. have approved the transaction. Completion is expected to take place on May 21, 2021. Olympia Trust Company acted as transfer agent to Origen Resources.
Origen Resources Inc. (CNSX:ORGN) completed the spin off Forty Pillars Mining Corp. on May 21, 2021. Pursuant to the Arrangement, Origen completed a share reorganization and spun out its Silver Dollar Project and $66,893.60 in cash to Forty Pillars in exchange for 6,485,174 common shares of Forty Pillars (the "Forty Pillars Shares") at a deemed price of CAD 0.08 per Forty Pillars Share, of which 3,891,102 Forty Pillars Shares were distributed to Origen's shareholders and 2,594,072 Forty Pillars Shares were retained by Origen. The Board of Forty Pillars now consists of Nader Vatanchi, Abbey Abdiye, Alex Klenman, Gary Schellenberg and Mike Sieb.