Globex proposes butterfly spin-off of its Chibougamu mining camp properties
26 September 2012 - 1:53pm
Globex is proposing a spin-off to its shareholders by way of butterfly reorganization of CIM, a newly-incorporated subsidiary that is proposed to be listed on the TSX-V and that will hold various mining and exploration properties in the Chibougamu mining camp.
Notwithstanding that Globex is a TSX-listed public company, it is proposing (perhaps because it may have engaged in a butterfly reorganization within the previous three years) that CIM will receive a pro-rata portion of each of its three types of property (cash, investment property and business property) in the same fashion as would be required in a private company butterfly.
Neal Armstrong. Summary of Globex spin-off Circular under Butterfly spin-offs.