Zenith Exploration Inc. agreed to Spin-Off High Point Exploration Inc.
Upon completion, four current Directors of Zenith will be Directors and officers of Top Exploration and High Point. Brent Hahn will serve as Chief Executive Officer and Barry Hartley will serve as Chief Financial Officer and Secretary for High Point after the plan arrangement becomes effective. The transaction is subject to the approval by the shareholders of Zenith Exploration, shareholders of High Point Exploration and Top Exploration, receipt of all other consents, orders, regulations and approvals, including regulatory and judicial approvals and orders required or necessary or desirable for the completion of the transactions and the Supreme Court of British Columbia. As of August 13, 2019, the transaction has been approved by the shareholders of Zenith and by the Supreme Court of British Columbia on August 19, 2019. The transaction is expected to close September 20, 2019. In a related deal, Zenith Exploration Inc. (CNSX:ZX) entered into the arrangement agreement to spin-off High Point Exploration Inc.
National Issuer Services Ltd. acted as transfer agent with power of attorney to distribute and transfer High Point shares to Zenith Shareholders.