TORONTO, Feb. 01, 2021 (GLOBE NEWSWIRE) — Century Global Commodities Corporation (“Century” or the “Company”) (TSX:CNT) is pleased to advise the completion of an internal corporate reorganization (”Reorganization”) of its iron ore segment following acquisition from WISCO Canada ADI Resources Development & Investment Limited (“WISCO ADI”) of joint venture interests in Century’s Labrador Trough iron ore projects. The Company now holds 100% interest in these projects.
The details and completion of the acquisition was announced in a news release dated November 19, 2020 and that WISCO ADI, remains a 23.5% Century corporate shareholder and strategic partner.
The Reorganization has now placed Century’s extensive iron ore assets in subsidiaries that are most advantageous to market preferences. In particular, Century’s flagship Joyce Lake DSO Iron Ore Project (“Joyce Lake”), previously within the Attikamagen project, is now in a special purpose vehicle to facilitate the option of a spin-out