Teck Completes Plan of Arrangement Introducing a Sunset for Dual Class Share Structure

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") announced today that it has completed the previously announced plan of arrangement under the Canada Business Corporations Act to introduce a six-year sunset for the multiple voting rights attached to the Class A common shares of Teck (the "Dual Class Amendment").

As explained more fully in Teck's management proxy circular dated March 23, 2023, each Class A common share was acquired by Teck in exchange for one new Class A common share and 0.67 of a Class B subordinate voting share. The terms of the new Class A common shares are identical to the terms of the current Class A common shares, but provide that, on the sixth anniversary of the effective date of the Dual Class Amendment, being May 12, 2029, all new Class A common shares will automatically be exchanged for Class B subordinate voting shares, which will be renamed "common shares".

Class A common shareholders of record as of the close of business on May 11, 2023 (the "Record Date") will receive from TSX Trust Company, Teck's registrar and transfer agent, on or about May 19, 2023 (the "Payment Date") 0.67 of a Class B subordinate voting share per each Class A common share.

The Class A common shares are trading on a due bill basis up to and including the Payment Date (i.e., May 19, 2023). A due bill is an entitlement attached to listed securities undergoing a material corporate action, such as the Dual Class Amendment. In this instance, the entitlement is to the new Class A common shares and Class B subordinate voting shares on the exchange of the Class A common shares. Any trades that are executed during the due bill period are flagged to ensure purchasers receive the entitlement to a new Class A common share and 0.67 of a Class B subordinate voting share per each Class A common share issuable as a result of the Dual Class Amendment. Ex-distribution trading in the Class A common shares on a post-Dual Class Amendment basis will commence on May 23, 2023, as of which date purchases of Class A common shares will no longer have the attaching entitlement. The due bill redemption date will be May 24, 2023.

Shareholders do not need to take any action in connection with the Dual Class Amendment. Currently outstanding share certificates and direct registration system ("DRS") advice statements representing Class A common shares will continue to be effective and should be retained by shareholders and not forwarded to Teck or TSX Trust Company. Teck will use the DRS to electronically register the Class B subordinate voting shares issued pursuant to the Dual Class Amendment, rather than issuing physical share certificates. On or around May 19, 2023, TSX Trust Company will send out DRS advice statements to registered shareholders indicating the number of Class B subordinate voting shares that they are receiving as a result of the Dual Class Amendment. In addition, TSX Trust Company will electronically issue the appropriate number of Class B subordinate voting shares to CDS Clearing and Depositary Services Inc. ("CDS") for further distribution by CDS to its participants. Non-registered (beneficial) shareholders who hold their Class A common shares in an account with their investment dealer or other intermediary will have their accounts automatically updated by such investment dealer or intermediary to reflect the Class B subordinate voting shares issued pursuant to the Dual Class Amendment in accordance with the applicable brokerage account providers' usual procedures.

In no event will any Class A common shareholders be entitled to receive a fractional Class B subordinate voting share pursuant to the Dual Class Amendment. Where the aggregate number of Class B subordinate voting shares to be received by a Class A common shareholder would result in a fraction of a Class B subordinate voting share being issuable (i) the number of Class B subordinate voting shares to be issued to such shareholder will be rounded down to the closest whole number; (ii) TSX Trust Company will aggregate all such fractional Class B subordinate voting shares and cause them to be sold in the open market for the account of such shareholders; and (iii) the proceeds that TSX Trust Company may realize from the sale of such fractional Class B subordinate voting shares will be distributed, after deducting any required withholding taxes and any brokerage charges, commissions and transfer taxes, to each shareholder entitled thereto pro rata to their respective fractional interests.

About Teck
As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations and Strategic Analysis
604.699.4621
fraser.phillips@teck.com

Media Contact:
Chris Stannell
Public Relations Manager
604.699.4368
chris.stannell@teck.com


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

TECK.B:CC
The Conversation (0)
Teck to Present at the BofA Securities 2023 Global Metals, Mining and Steel Conference May 16, 2023

Teck to Present at the BofA Securities 2023 Global Metals, Mining and Steel Conference May 16, 2023

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") Chief Executive Officer Jonathan Price will be presenting at the BofA Securities 2023 Global Metals, Mining and Steel conference on Tuesday, May 16, 2023 at 5:40 a.m. Eastern2:40 a.m. Pacific time. The investor presentation will focus on maximizing value for shareholders and include information on company strategy, financial performance, and outlook.

The presentation will be webcast through the following link at: https://bofa.veracast.com/webcasts/bofa/metalsminingsteel2023/idf0a930.cfm .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Teck and CPKC Announce Long-term Rail Agreement

Teck and CPKC Announce Long-term Rail Agreement

Canadian Pacific Kansas City Limited (TSX: CP, NYSE: CP) ("CPKC") and Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") announced today that CPKC and Teck Coal Limited have entered into a long-term rail agreement for the transportation of steelmaking coal from Teck's four operations in southeastern B.C. The agreement builds on existing services in place and runs until the end of 2026.

In support of building green transportation corridors and as a shared commitment to sustainability, CPKC and Teck intend to collaboratively develop a unique pilot program that integrates the use of CPKC's hydrogen locomotives into Teck's steelmaking coal supply chain. It is anticipated that this effort will reduce greenhouse gas emissions, with testing commencing in early 2024.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Teck Announces Receipt of Final Order Approving Plan of Arrangement and Further Details in Respect of Sunset for Dual Class Share Structure

Teck Announces Receipt of Final Order Approving Plan of Arrangement and Further Details in Respect of Sunset for Dual Class Share Structure

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") announced today that the Supreme Court of British Columbia has issued a final order approving the previously announced plan of arrangement under the Canada Business Corporations Act to introduce a six-year sunset for the multiple voting rights attached to the Class A common shares of Teck (the "Dual Class Amendment").

As explained more fully in Teck's management proxy circular dated March 23, 2023, which includes the plan of arrangement, on the effective date of May 12, 2023, each Class A common share will be acquired by Teck in exchange for one new Class A common share and 0.67 of a Class B subordinate voting share. The terms of the new Class A common shares will be identical to the terms of the current Class A common shares, but will provide that, on the sixth anniversary of the effective date of the Dual Class Amendment, being May 12, 2029, all new Class A common shares will automatically be exchanged for Class B subordinate voting shares, which will be renamed "common shares".

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Teck Reports Voting Results from Annual and Special Meeting of Shareholders

Teck Reports Voting Results from Annual and Special Meeting of Shareholders

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") announced today, in accordance with Toronto Stock Exchange requirements, the voting results from its Annual and Special Meeting of Shareholders held on Wednesday, April 26, 2023 (the "Meeting"). A total of 6,799,078 Class A common shares and 394,856,667 Class B subordinate voting shares were voted at the Meeting, representing 83.80% of the votes attached to all outstanding shares.

Shareholders voted at the Meeting as follows.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Teck Announces Dividend

Teck Announces Dividend

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") announced today that its Board of Directors has declared an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on June 30, 2023 to shareholders of record at the close of business on June 15, 2023.

About Teck
As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Group Eleven Announces Appointment of Jasmine Lau as Chief Financial Officer

Group Eleven Announces Appointment of Jasmine Lau as Chief Financial Officer

Group Eleven Resources Corp. (TSXV: ZNG) (OTCQB: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce the appointment of Jasmine Lau, CPA, as Chief Financial Officer ("CFO") of Group Eleven, replacing Jeannine Webb, effective May 30, 2025.

Jasmine is a Vancouver-based Chartered Professional Accountant with over 16 years' experience in the resource sector, having served as the Chief Financial Officer for several mineral exploration companies. She is currently the CFO of Minaurum Gold Inc, Forte Minerals Corp., and Cascadia Minerals Ltd. Prior to that, Jasmine also served as CFO to a various number of other private and public mineral exploration companies.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Nuvau Minerals Inc. Announces Grant of Options

Nuvau Minerals Inc. Announces Grant of Options

Nuvau Minerals Inc. (TSXV: NMC) (" Nuvau " or the " Company ") is pleased to announce that it has granted an aggregate of 2,430,000 stock options of the Company (" Options ") in two tranches to certain directors, officers and employees of the Company.

Nuvau Minerals Inc. Announces Grant of Options (CNW Group/Nuvau Minerals Inc.)

The first tranche consists of 1,500,000 Options (the " Tranche 1 Options ") with each Tranche 1 Option entitling the holder to acquire one common share at an exercise price of $0.90 per common share until May 29, 2030 . The Tranche 1 Options are subject to vesting provisions, with 50% of the Tranche 1 Options vesting immediately and the remaining Tranche 1 Options vesting on December 12, 2025 .

The second tranche consists of 930,000 Options (the " Tranche 2 Options ") with each Tranche 2 Option entitling the holder to acquire one common share at an exercise price of $0.47 per common share until May 29, 2030 .

About Nuvau Minerals Inc.

Nuvau is a Canadian mining company focused on the Abitibi Region of Québec. Nuvau's principal asset is the Matagami Property that is host to significant existing processing infrastructure and multiple mineral deposits and is being acquired from Glencore.

For more information go to our website www.nuvauminerals.com .

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Disclaimer & Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, " forward-looking statements ") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning the Options. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, neither the Company nor Nuvau undertakes any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Nuvau Minerals Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2025/29/c3082.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×