Equinox Gold shareholders have voted in favour of a plan of arrangement for Equinox to transfer all of its copper assets into a newly incorporated company called Solaris Copper.
The company will now seek approval for the plan of arrangement from the Supreme Court of British Columbia.
Equinox will continue to focus on advancing the Aurizona gold mine and the Castle Mountain gold mine to production, while Solaris explores and develops the copper projects to unlock the value of the copper portfolio.
Solaris will hold a 100% interest in the resource-bearing Warintza copper/molybdenum project, in Ecuador; a 60% interest in the La Verde preliminary economic assessment-stage copper/silver/gold project in Mexico; and a 100% interest in the Ricardo early stage copper property, in Chile.
It is also continuing to evaluate additional properties that fit the portfolio.
Following completion of the plan of arrangement, which is expected to occur in early August, Equinox’s shareholders will be issued shares in Solaris so that they collectively own 60% of Solaris, with the balance held by Equinox.
Solaris’ shares will not be listed on any stock exchange after closing of the arrangement, but the company will be a reporting issuer and will comply with its continuous disclosure obligations including press releases and financial reporting and will consider a potential stock exchange listing.
Solaris’ day-to-day activities will be managed by CEO Greg Smith, CFO Kylie Dickson and corporate secretary Pamela Kinsman.