"... - so we would also recieve 10,000 shares in CUU2 and CUU2 would have a market cap of 40M.

Likely CUU2 will retain some capital as well, say 100M which would change the above to an overall value of $4.75 total (So 11, 875 TCK.B shares or any combination with cash). .."

The scenario would depend on how Teck buys out CUU: they can buy all outstanding shares or the assets. Most likely they would buy out the shares which you assumed. If that is the case, and if CUU wants to maintain the Arizona or some other BC properties, they would have to set up the legal entity (a new company) and have the new company acquire those properties before the buyout and issue CUU2 shares to existing CUU shareholders.

Teck then offers to buy out all CUU shares like you described and all CUU assets would go to Teck, since they would have acquired all the outstanding shares.

The old CUU shareholders would become CUU2 shareholders and own whatever properties Teck doesn't want. The market cap of CUU2 will not necessarily be $40M; it will be whatever the market think it's worth, given the assets it owns.

CUU2 would not have any cash from the transaction in the above scenario because the cash would go to CUU shareholders when Teck buys them out; not to the company (either CUU or CUU2). If CUU2 wants cash, it would have to raise it.

There are many other alternatives in a buy out, but this would be the most likely one. JMO