The Conversation (0)
NSX Silver Inc. (TSXV:NSY) announced that it’s entered into a binding letter of agreement under which it will sell all the shares of its Mexican subsidiary to an arm’s length purchaser.
NSX Silver Inc. (TSXV:NSY) announced that it’s entered into a binding letter of agreement under which it will sell all the shares of its Mexican subsidiary to an arm’s length purchaser.
As quoted in the press release:
The binding letter of agreement provides that upon closing, the purchaser will be responsible for all of CMOB’s liabilities and that CMOB will grant to NSX Silver a 2% net smelter return royalty on any future mineral production from the eleven mining concessions that CMOB presently owns.
As the proposed sale of CMOB constitutes a sale or exchange of all or substantially all the assets of NSX Silver, NSX Silver shareholder approval for the sale will be required under Section 189 of the Canada Business Corporations Act by way of special resolution. To approve a special resolution, a majority of not less than two-thirds of the votes cast in person or by proxy by those shareholders who vote in respect of the special resolution is required. The special meeting of NSX Silver shareholders is expected to be held on December 16, 2015. The proposed sale is also subject to the approval of the TSX Venture Exchange (“TSXV”).
Click here to read the full NSX Silver Inc. (TSXV:NSY) press release.