On February 22, 2022, Consolidated Uranium Inc. completed the spin-out of Labrador Uranium Inc. through a plan of arrangement under the Business Corporations Act (Ontario). Pursuant to the spin-out, Consolidated Uranium transferred ownership of the Moran Lake Project in Labrador to Labrador Uranium in exchange for 16,000,000 common shares of Labrador Uranium. Consolidated Uranium distributed the 16,000,000 Labrador Uranium shares on a pro rata basis, such that Consolidated Uranium shareholders received 0.214778 of a Labrador Uranium share for each Consolidated Uranium share held on February 22, 2022.
The common shares of Labrador began trading on the Canadian Securities Exchange on March 3, 2022 under the symbol “LUR”.
Cassels acted for Consolidated Uranium in connection with the spin-out and for Labrador Uranium in connection with the listing.