Linear Minerals Corp. (OTCQB:LINMF / CSE:LINE) has announced that its shareholders have greenlit pivotal resolutions during the annual general and special meeting held on October 22, 2025. These approvals pave the way for a strategic restructuring, positioning the company for enhanced focus and potential growth.
Key outcomes from the meeting include the re-election of five directors, ensuring continuity and expertise on the board. Gurminder Sangha, Jurgen Wolf, Craig Alford, Jason Grewal and Jodie Gibson will continue to steer the company’s direction. The appointment of DeVisser Gray LLP as auditors also lends further corporate governance credibility. Shareholder re-approved the Stock Option Plan and the Restricted Share Unit Plan, aligning incentives across the management team to maximize shareholder value.
The primary focus of the meeting was the approval of a Plan of Arrangement, dated August 1, 2025, which will see Linear Minerals spin out its Pontax West Lithium Property. The property, located in Quebec, will be transferred to a newly formed subsidiary, Westlinear Minerals Corp. (“Spinco”). This move is intended to sharpen the focus of both entities, allowing for more targeted exploration and development strategies, especially as lithium demand grows with the electric vehicle market.
The distribution ratio for the Spinco shares has been set at 1 Spinco share for every 10 Linear shares held. This is expected to be a critical metric for investors as they assess the potential value of the new entity. The exact Share Distribution Record Date, the date on which shareholders must be on record to receive the Spinco shares, will be determined by the Linear Minerals Board of Directors and announced in advance via a press release, creating a degree of near-term uncertainty for investors to navigate.
Crucially, the arrangement is contingent upon approvals from the Supreme Court of British Columbia and the Canadian Securities Exchange. This is a standard procedure for such transactions, but it introduces a timeline risk as the process could be subject to delays or unforeseen complications.
Positive
Shareholders approved the Arrangement on October 22, 2025
Spin-out ratio set at 1 Spinco share per 10 Linear shares
Re-elected five directors, maintaining board continuity
DeVisser Gray appointed as auditors
Negative
Completion subject to Supreme Court of British Columbia approval
Completion subject to Canadian Securities Exchange acceptance
Share Distribution Record Date not yet determined, creating timing uncertainty
10/23/2025 – 10:00 PM
VANCOUVER, BC / ACCESS Newswire / October 23, 2025 / Linear Minerals Corp. (“Linear” or the “Company”) (CSE:LINE)(OTCQB:LINMF)(WKN:A2J C89) (the “Company”) announces that its shareholders approved all matters presented to them at the annual general and special meeting on October 22, 2025.
The number of directors was fixed at five. Gurminder Sangha, Jurgen Wolf, Craig Alford, Jason Grewal and Jodie Gibson were re-elected to the board of directors. DeVisser Gray LLP, Chartered Professional Accountants were appointed auditors of the Company. The shareholders re-approved the Stock Option Plan and the Restricted Share Unit Plan.
The shareholders also approved by special resolution the Plan of Arrangement Agreement dated for reference August 1, 2025 (the “Arrangement”) to spin out Company’s Pontax West Lithium Property located in the Province of Quebec to the Company’s subsidiary Westlinear Minerals Corp. (“Spinco”).
Under the terms of the Arrangement, the Company’s shareholders will be issued one share of Spinco with respect to every 10 shares of the Company owned on the share distribution record date (the “Share Distribution Record Date”), which will be determined by the Company’s Board of Directors and announced by a news release in advance.
Holders of the Company options and warrants, who exercise their options and/or warrants before the Share Distribution Record Date, will also be entitled to receive one share of Spinco with respect to every 10 shares of the Company. The Pontax West Lithium Property will be transferred to Spinco.
Upon completion of the Arrangement, the Company shareholders will ultimately own shares in two public companies: the Company, which will be focused on its other mineral properties and Spinco, which will focus on the Pontax West Lithium Property.
Completion of the Arrangement is subject to the following conditions:
Additional details regarding the Arrangement are described in the information circular of the Company, dated August 28, 2025, which is available on www.sedarplus.ca under the profile of the Company.
Forward Looking Statements
When used in this news release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Company believes, in light of the experience of their respective officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this news release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. The forward-looking statements and information in this news release include, amongst others, the Company’s plans regarding the Arrangement and exploration plans. Such statements and information reflect the current view of the Company. There are risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements or implied by such forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: currency fluctuations; limited business history of the parties; disruptions or changes in the credit or security markets; results of operation activities and development of projects; project cost overruns or unanticipated costs; shareholder, court and regulatory approvals; and general development, market and industry conditions.
The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of its securities or its financial or operating results (as applicable). The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
ON BEHALF OF THE BOARD OF
Linear Minerals Corp.
“Gurminder Sangha”
Gurminder Sangha
CEO & Director
For further information, please contact the Company at: [email protected]
Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.
Forward-looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the Company’s exploration plans, potential mineralization, and future activities. While the Company believes the assumptions underlying such information are reasonable, actual results may vary, and undue reliance should not be placed on forward-looking statements.
SOURCE: Linear Minerals Corp.
FAQ
What did LINMF shareholders approve at the October 22, 2025 meeting?
Shareholders approved director elections, auditor appointment, re-approved equity plans, and the Plan of Arrangement to spin out the Pontax West Lithium Property.
What is the spin-out ratio for the Pontax West Lithium Property under LINMF’s Arrangement?
Shareholders will receive 1 share of Spinco per 10 Linear shares held on the Share Distribution Record Date.
What approvals are required to complete LINMF’s Plan of Arrangement?
Completion requires approval from the Supreme Court of British Columbia and acceptance by the Canadian Securities Exchange.
Will LINMF shareholders own shares in both companies after the Arrangement?
Yes; upon completion shareholders will own shares in Linear and in Spinco (Westlinear Minerals), which will hold Pontax West.
Do option and warrant holders of LINMF receive Spinco shares?
Option and warrant holders who exercise before the Share Distribution Record Date will be entitled to receive Spinco shares at the 1-for-10 ratio.
When will LINMF announce the Share Distribution Record Date for Spinco shares?
The Share Distribution Record Date will be determined by the board and announced in a future news release.
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