Century Metals completes spin-out transaction

McMillan acted as counsel to Century Metals, a wholly-owned subsidiary of Century Global Commodities Corporation (TSX: CNT), one of the world’s largest iron ore resource owners and developers, in connection with its spin-out transaction pursuant to which a portion of its shares would be distributed pro-rata to shareholders of Century Global, by way of a dividend-in-kind.

In advance of the spin-out, Century Metals completed a series of private placements of up to 12 million special warrants. The spin-out is designed to help Century Metals become an independent publicly-listed company in Canada which would enable the company to obtain its own (non-complex) financing independently from its parent’s iron ore and other metal projects and non-metal business.

Century Global Commodities Corporation completed the spin-off of Century Metals Inc. on June 12, 2019. Trading of the shares of Century Metals Inc. on the TSX Venture started on June 17, 2019 under the stock symbol CMET.