TORONTO (miningweekly.com) – Exploration company Alpha Minerals has received approval from the Court of Queen’s Bench of Alberta for its plan of arrangement with Canadian uranium explorer Fission Uranium.

Under the agreement, Fission would receive all Alpha shares, and Alpha would spin out its non-Patterson Lake South (PLS) assets to Alpha Exploration.

The arrangement was still subject to TSX-V approval, which was expected by December 6.

After the arrangement had been completed, Fission would own all the shares of Alpha, and Alpha shares would be delisted from trading on the TSX-V.

Alpha Exploration would be spun out and shall receive Alpha Minerals assets, other than its joint venture interest in the PLS property, and about $3-million in cash.

Alpha's current directors and officers would also form the board and management of Alpha Exploration and would guide the exploration and development of the inherited portfolio of mineral properties located in Ontario (Mikwam), Saskatchewan (Hook, Cluff Lake-ACME, Cluff Lake-Logan, and Cluff Lake-Rio Tinto) and British Columbia (Donna).

Further, the board and management would review new opportunities under the normal course of business, whether by staking, acquisition or joint venture.

Fission recently announced that it too had received approval from the Court of Queen's Bench of Alberta for the plan of arrangement that would see it spin out certain assets to Fission 3.0 Corp. (Fission Spinco).

The arrangement was also still subject to final approval by the TSX-V, which was expected by December 6, and trading of the Fission Spinco shares was expected to start on the TSX-V at the opening of markets on December 10.

YUKON APPROVAL

Meanwhile, International Minerals (IMZ) also this week reported that it had obtained a final order of the Supreme Court of Yukon approving the plan of arrangement under which Hochschild Mining would acquire IMZ, mainly for IMZ's 40% interest in the jointly owned (Hochschild 60%) Peruvian assets, including the Pallancata silver mine and the Inmaculada gold/silver development project.

Under the arrangement agreement, each IMZ shareholder would receive $2.38 in cash for each IMZ share held, and shares in a newly formed company, Chaparral Gold, equal to their holdings in IMZ.

On November 29, Chaparral Gold received conditional approval to list its common shares on the TSX.

Closing of the arrangement was expected on December 13.