Cornish Metals Announces Update to Its Plans to Re-Domicile to the UK

Core Viewpoint - Cornish Metals Inc. is proceeding with its plan to re-domicile from Canada to the UK, which is expected to simplify its corporate structure and align better with its operational focus on restarting tin production at the South Crofty mine in Cornwall [1][4]. Re-Domicile Process - An arrangement agreement has been signed with Cornish Metals plc, and the re-domicile is anticipated to be completed by December 2025, subject to shareholder and regulatory approvals [1][2]. - The re-domicile will involve shareholders exchanging their Cornish Canada Shares for Cornish UK Shares at a ratio of one Cornish UK Share for every ten Cornish Canada Shares [5]. - The arrangement will result in Cornish UK becoming the parent company of the Cornish Group [6]. Shareholder Rights and Company Structure - Upon completion of the transaction, the rights of former Cornish Canada Shareholders will remain largely unchanged, maintaining their proportionate interest in the profits and assets of Cornish UK [7]. - Cornish UK will seek admission to trading on the AIM market of the London Stock Exchange, while Cornish Canada plans to delist from the TSX Venture Exchange and cease being a reporting issuer in Canada [8]. Special Meeting and Approvals - A special meeting will be held to approve the re-domicile, requiring a minimum of 66⅔% approval from Cornish Canada Shareholders [12]. - The arrangement also requires final approval from the Ontario Superior Court and other regulatory approvals [14]. Communication with Shareholders - The company will distribute a management information circular detailing the transaction and convening a special meeting for shareholder approval [9][10].