Pan American Energy Closes Legacy Lithium Division

Pan American’s former common stock has been delisted from the Canadian Stock Exchange.

Pan American Energy in the exploration phase has closed the proposed Legacy Lithium split deal.

Under the agreement, owners of common stock will earn one common share of a new company for each share they own, plus one-fifth of a Legacy common stock for each common stock they own in the company.

Pan American’s former common shares were delisted from the Canadian Stock Exchange at the close of business on April 20.

Its new ordinary shares began trading on the open market the next day.

In February 2023, Pan American announced an arrangement agreement with its recently incorporated wholly owned subsidiary Legacy Lithium in connection with the spin off of Green Energy Lithium properties in Utah, USA.

The move was said to help the company focus on other projects and create value for its shareholders.

In the February announcement, Pan American said its “current share price does not fully recognize the value of the property, and that by completing the proposed ‘split’, the company’s shareholders will benefit by freeing up the value of the property.” . .

He also noted: “In addition, the proposed ‘spunoff’ would allow the company to focus its efforts on its other projects, such as the Big Mack Lithium Project and Horizon Lithium Project, while Legacy focuses on real estate development.”

Pan American Energy is primarily engaged in the acquisition, exploration and development of mineral properties including battery minerals in North America.