Trigon Metals Inc. shareholders approved the proposed spinout of Trigon’s wholly owned subsidiary, Safi Silver Corp., which holds the company’s Moroccan assets, namely the Silver Hill and Addana projects.
They also approved the consolidation of Trigon common shares based on one post-consolidation common share for each of the five pre-consolidation common shares.
The proposed arrangement, the share consolidation, and the option plan are each subject to the TSXV’s final approval.
The closing of the proposed arrangement is subject to the satisfaction of all conditions precedent to its completion and is expected to occur in early Q3 2024.
Trigon intends to seek a final order from the Ontario Superior Court of Justice regarding the proposed arrangement later, before closing.
The shareholders approved the items during an April 9, 2024, meeting.
The meeting also elected a new board consisting of Mohammed Benharref, Daye Kaba, Gabriel Ollivier, Jed Richardson, David Shaw, Grant Sboros, and Larissa Sprott.
Trigon CEO Richardson expressed satisfaction with the recommendations of the board supported by the shareholders, with a particular focus on the spinout of the Moroccan assets into Safi Silver to realise the currently unrecognised value in Trigon Metals.
“As the silver price breaks out and Morocco is a promising destination for silver exploration, we are excited about the timing. By creating a new vehicle for shareholders, we aim to preserve Trigon as a production growth investment focused on copper in a rising copper price environment,” Richardson said.