Leocor Mining Announces Results of its Annual General and Special Meeting and Sets Anticipated Closing and Record Date for Intrepid Share Distribution
(TheNewswire)
Vancouver, British Columbia
(June 3, 2026) – TheNewswire – Leocor Mining Inc. (CSE: LECR, OTCQB: LECRF, Frankfurt: LGO0) (“Leocor” or
the “Company”) is pleased
to announce the results of its annual general and special meeting of
holders (“Shareholders”) of common shares of the
Company (“Leocor
Shares”) held on June 3, 2026 (the
“Meeting”).
Shareholders voted overwhelmingly in favour of all
resolutions presented at the Meeting, including (i) the Company’s
previously announced court-approved plan of arrangement (the
“Arrangement”) pursuant to which it will distribute (the
“Distribution”) all of its 17,647,058 common shares (the “Intrepid Shares”)
of Intrepid Metals Corp. (TSXV: INTR) (“Intrepid”); (ii)
the election of directors; (iii) the re-appointment of SHIM &
Associates LLP, Chartered Professional Accountants as auditors of the
Company; and (iv) the re-approval of the Company’s stock option
plan.
About the Arrangement
Pursuant to the Arrangement, the Company will effect
the Distribution of all of its 17,647,058 Intrepid Shares,
representing approximately 15.09% of the issued and outstanding
Intrepid Shares as of the date hereof, to Shareholders on a pro rata
basis. Pursuant to the Arrangement, each existing Leocor Share will be
exchanged for: (i) one new common share of Leocor having the same
attributes as the existing Leocor Shares; and (ii) a pro rata
entitlement to the Intrepid Shares to be distributed, based on an
exchange ratio to be determined at the date of closing of the
Arrangement (the “Exchange
Ratio”). For illustrative purposes only, based
on the distribution of all 17,647,058 Intrepid Shares and the
246,020,252 Leocor Shares issued and outstanding as of the date of
this news release, the Exchange Ratio would be approximately 0.07173
of an Intrepid Share for each Leocor Share held. All fractional
entitlements to Intrepid Shares arising under the Arrangement will be
rounded down to the nearest whole number.
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Only Shareholders who hold Leocor Shares as of the
closing date of the Arrangement will be entitled to receive Intrepid
Shares pursuant to the Distribution. The closing of the Arrangement is
expected to occur on June 9,
2026, subject to receipt of the Final Order (as
defined below) and the satisfaction or waiver of other closing
conditions customary for a transaction of this nature.
Meeting Results
Shareholders holding a total of 118,505,679 Leocor
Shares were represented in person or by proxy at the Meeting,
representing 51.39% of the 230,621,292 issued and outstanding Leocor
Shares entitled to vote as of April 17, 2026, the record date for the
Meeting (the “Record
Date”).
As disclosed in the Company’s management information
circular dated May 1, 2026 (the “Circular”), the
Arrangement required the approval of at least two-thirds (66⅔%) of
the votes cast by Shareholders present in person or represented by
proxy and entitled to vote at the Meeting. The Company is pleased to
confirm that of the votes cast at the Meeting, approximately 100% of
the total Shareholder votes were cast in favor of the
Arrangement.
All other motions tabled at the Meeting, including the
election of Alexander Klenman, Brian Shin, Christopher Cooper and
Charanjit Hayre to the board of directors of the Company, also
passed.
The Company will seek a final order (the
“Final Order”) of the Supreme Court of British Columbia (the
“Court”) to approve the Arrangement on June 5, 2026. Completion
of the Arrangement is also subject to the satisfaction of customary
closing conditions for a transaction of this nature.
AboutLeocorMiningInc.
Leocor Mining Inc. is a British Columbia-based resource
company involved in the acquisition and exploration of precious metal
projects, with a current focus in Atlantic Canada.Leocor, through outright ownership and earn-in agreements,
currently controls several gold-copper projects in prime exploration
ground located within the prolific Baie Verte MiningDistrict.Leocor’s Baie Verte
portfolio includes theDorset, Dorset
Extension,Copper Creek and Five Mile Brook
projects, creating a contiguous ~2,000-hectare exploration
corridor.For more information, sign up for
news alerts, watch our
corporate video, or view
our presentation at our
website.
Neither theCanadian
SecuritiesExchangenorits
RegulationServicesProvider (as thatterm is defined in thepolicies of the Canadian
Securities Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission or
other regulatory authority has approved or disapproved the information
contained herein.
Cautionary Statements Regarding
Forward-Looking Information
This press release contains forward-looking information
within the meaning of Canadian securities laws. Such information
includes, without limitation, statements regarding the closing of the Distribution and the Arrangement, the
anticipated closing date of the Arrangement, the number of Intrepid
Shares to be distributed, the determination of the Exchange Ratio, the
pro rata entitlements of Shareholders, the treatment of fractional
share entitlements, and the receipt of the Final Order.
Forward-looking information is generally identifiable by use of words
such as “anticipates”, “expects”, “proposes”,
“believes”, “plans”, “intends”, “estimates”,
“will”, “may” or similar expressions. Although Leocor believes
that such information is reasonable, it can give no assurance that
such expectations will prove to be correct.
Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable
by the Company as of the date of this press release, are subject to
known and unknown risks, uncertainties, and other factors which may
cause the actual results and future events to differ materially from
those expressed or implied by such forward-looking statements. Such
factors include, but are not limited to: general
business, economic, competitive, political and social uncertainties;
uncertain and volatile capital markets; delay or failure to receive
shareholder, court or regulatory approvals required to complete the
Arrangement, including the Final Order; the risk that the Arrangement
may not be completed on the anticipated timeline or at all; changes in
the market price of Intrepid Shares; the final determination of the
Exchange Ratio based on the number of Leocor Shares outstanding at
closing; the final determination of the tax treatment of the
Distribution; the final number of Intrepid Shares to be distributed;
the treatment of fractional share entitlements; and other risks and
uncertainties described in the Company’s public filings. There can
be no assurance that such forward-looking statements will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result
of new information, future events or otherwise, except as required by
law.
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