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Altitude Resources kicks off strategic review, to spin out subsidiary

Altitude Resources Inc. said June 5 that it initiated a strategic review of its assets and also plans to spin out its Altitude Resources Ltd. unit to existing shareholders.

The transaction is expected to be completed via a court approved plan of arrangement. Following completion of the spinout, Altitude intends to pursue capital market opportunities that would require a public listing.

Altitude expects to hold a shareholders' meeting in the second half to secure approval for the arrangement. The company's shares could also be moved to the NEX, a separate board of TSX Venture Exchange, in connection with the proposed transaction.

The company's shares have been halted for trading by the TSX-V.