- Golden Independence Mining (IGLD) announced it will spin off its Champ precious metal property in British Columbia
- Champ will be incorporated into a new subsidiary
- It plans to list the subsidiary on either the TSX Venture Exchange or the CSE
- The company’s Board of Directors has approved, in principle, the strategic reorganization
- Shares of Golden Independence Mining are up 1.09 per cent on the day, trading at C$0.46 at 2:59 p.m. EST
Golden Independence Mining (IGLD) announced it will spin off its Champ precious metal property in British Columbia.
Located in Castlegar, the property will be incorporated into a new subsidiary and continue to hold its interest in the Independence Gold Project.
The company’s Board of Directors has approved, in principle, the strategic reorganization.
Under the terms of the agreement, Golden Independence shareholders would exchange their existing common shares of the company for the same number of new common shares of the company and common shares of the subsidiary.
The number of common shares of the subsidiary to be issued to each Golden shareholder has not yet been determined.
There will be no change in shareholders’ holdings in the company as a result of the spin-out.
The proposed spin-out is subject to the approval of Golden’s shareholders which the company intends to seek at its 2021 annual general and special meeting of shareholders.
The date of that meeting has not yet been determined.
The agreement also requires the approval of the Supreme Court of British Columbia.
The company plans to list the subsidiary’s common shares on either the TSX Venture Exchange or the Canadian Securities Exchange but no assurance can be provided that such a listing will be obtained.
Golden Independence Mining is an exploration company currently focused on exploring the advanced-stage Independence Gold property located in the Battle Mountain-Cortez Trend, Nevada and the Champ precious metal property near Castlegar, B.C.
Shares of Golden Independence Mining are up 1.09 per cent on the day, trading at C$0.46 at 2:59 p.m. EST.
