PTX Metals' Subsidiary, Green Canada Corporation and MAACKK Capital Corp. Provide Update Regarding Shareholders' Meetings and Green Canada Private Placement Closing
PTX Metals moves to minority position in Uranium subsidiary as reverse takeover reaches final procedural phase.
The most recent news release (February 5, 2026) provides a procedural update regarding its subsidiary, Green Canada Corporation (GCC), and its pending reverse takeover (RTO) with MAACKK Capital Corp. GCC has closed a second tranche of a private placement, raising $262,925 at $0.13 per share. Consequently, PTX Metals’ ownership in GCC has been diluted from 50.73% to 48.02%, meaning GCC is no longer a consolidated subsidiary of PTX. Shareholders of both GCC and MAACKK are scheduled to vote on the business combination, share consolidation (6.25:1), and a name change to "Green Canada Uranium Corp." on February 26, 2026.
- Deconsolidation of Assets: The primary impact is accounting-based. PTX no longer controls GCC. The uranium assets and the Marshall Project acquisition will now be held through an equity investment in the "Resulting Issuer" rather than a subsidiary.
- Dilution of Interest: While PTX remains a significant shareholder (48.02% pre-RTO), its influence is reduced. The capital raised by GCC ($262k) is relatively small but sufficient to push PTX into a minority position.
- Strategic Execution: The news confirms that the "spin-out" strategy announced in November 2025 is proceeding on schedule. This allows PTX to focus capital on its W2 and Shining Tree projects while maintaining exposure to uranium through its equity stake.
- Financing: The parent company (PTX) is not receiving these funds; they are being used at the GCC level for the RTO and working capital.
PTX Metals is an exploration company focused on critical minerals in Ontario. - Flagship Project (W2 Cu-Ni-PGE): Located in the "Ring of Fire" region. Recent drilling has confirmed wide near-surface mineralization (up to 235m) with high-grade copper (up to 3.31%) and nickel. The company is exploring an 8km strike length. - Secondary Project (Shining Tree Gold): Located in the Timmins Gold Camp. It hosts the historical Ronda Mine and recent sampling has returned high-grade results (up to 69 g/t Au). - Uranium Portfolio: Being spun out into a new public vehicle, including the newly acquired Marshall Project in the Athabasca Basin.