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VANCOUVER, BC, May 14, 2023 /CNW/ – Temagami Mining Company Limited (“Temagami“) announced today that it disposed of 4,300,000 Class A common shares (“Old Class A Common Shares“) and acquired 4,300,000 Class A common shares (“New Class A Common Shares“) and 2,881,000 Class B subordinate voting shares (“Class B Subordinate Voting Shares“) of Teck Resources Limited (“Teck“).

On May 12, 2023, Teck announced the completion of the previously announced proposal (the “Dual Class Amendment“) to introduce a six-year sunset for the multiple voting rights attached to its Old Class A Common Shares. Pursuant to the Dual Class Amendment, each Old Class A Common Share was acquired by Teck in exchange for one New Class A Common Share and 0.67 of a Class B Subordinate Voting Share. The Dual Class Amendment was implemented through a plan of arrangement under the Canada Business Corporations Act. The New Class A Common Shares carry 100 votes per share and Class B Subordinate Voting Shares carry one vote per share. The terms of the New Class A Common Shares are identical to the terms of Old Class A Common Shares, but provide that on May 12, 2029 all New Class A Common Shares will automatically be exchanged on a one-for-one basis for Class B Subordinate Voting Shares, which will be renamed “common shares”.

Prior to completion of the Dual Class Amendment, Temagami beneficially owned (i) 4,300,000 Old Class A Common Shares, representing approximately 55.4% of the outstanding Old Class A Common Shares, and (ii) 525,000 Class B Subordinate Voting Shares, representing approximately 0.1% of the outstanding Class B Subordinate Voting Shares. Immediately following completion of the Dual Class Amendment, Temagami beneficially owned (i) 4,300,000 New Class A Common Shares, representing approximately 55.4% of the outstanding New Class A Common Shares, and (ii) 3,406,000 Class B Subordinate Voting Shares, representing approximately 0.7% of the outstanding Class B Subordinate Voting Shares. If Temagami were to convert its New Class A Common Shares into Class B Subordinate Voting Shares in accordance with their terms, Temagami would beneficially own 7,706,000 Class B Subordinate Voting Shares, representing approximately 1.5% of the then outstanding Class B Subordinate Voting Shares.

The securities described in this press release were disposed of and acquired in connection with the completion of the Dual Class Amendment.  Temagami intends to review its holdings in Teck on a continuing basis and, as part of this ongoing review, evaluate various alternatives that are or may become available with respect to Teck and its affiliates and its and their securities. Temagami may from time to time and at any time (in accordance with any trading policy of Teck applicable to Temagami) in its sole discretion acquire, or cause to be acquired, additional equity or debt securities or other instruments of Teck or its affiliates, or dispose, or cause to be disposed, such equity or debt securities or instruments, in any amount that Temagami may determine in its sole discretion, through open market transactions, privately negotiated transactions or otherwise.

A report on Form 62-103F1 – Required Disclosure under the Early Warning Requirements under section 3.1 of National Instrument 62-103 is being filed by Temagami in accordance with applicable Canadian securities laws and will be available under the profile of Teck at http://www.sedar.com. The head office of Teck is located at Suite 3300, 550 Burrard Street, Vancouver, British Columbia V6C 0B3. Temagami’s address is Suite 3300, 550 Burrard Street, Vancouver, British Columbia V6C 0B3.

FOR MORE INFORMATION

For further information or to receive a copy of the report filed in connection with this press release, please see Teck’s profile on the SEDAR website (http://www.sedar.com) or contact Robert Hansenat (416) 601-8259.

SOURCE Temagami Mining Company Limited