Source: Aurwest Resources Corp.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Aurwest Resources (AWR) is closing 5 new SpinCos as part of the spin-out transaction to evaluate future go-public business opportunities
  • Each shareholder receives 0.0051 shares of each of the 5 newly formed SpinCos for every 1 common share of Aurwest held
  • Stellar Stars SpinCo is making efforts for a private placement financing of a minimum of $1,000,000
  • Aurwest Resources (AWR) is a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in Canada
  • Aurwest Resources (AWR) is unchanged on the day, trading at C$0.06 at 2:40 pm ET

Aurwest Resources (AWR) is closing 5 new SpinCos as part of the spin-out transaction to evaluate future go-public business opportunities.

According to the arrangement, each shareholder of Aurwest receives 0.0051 shares of each of the 5 newly formed SpinCos for every 1 common share of Aurwest held. Shareholders will receive either a direct registration statement or a physical share certificate reflecting their ownership of the shares of each of the SpinCos, or their brokerage account will be credited with the shares. No additional action is required by shareholders of Aurwest. None of the SpinCos will be listed on a stock exchange at this time.

The capital of the Aurwest common shares is being allocated to Aurwest common shares ($7,285,103), the Aurwest class A preferred shares ($2,905,000) and Aurwest class B preferred shares ($125,000). All redeemed for an aggregate of 2,546,680 common shares of the SpinCos at $0.05 per common share. Aurwest Shareholders should consult their tax and legal advisers for advice on the income tax consequences of the arrangement applicable to them in their particular circumstances.

The company is transferring its Stellar Stars mining property into a wholly owned subsidiary named “Copper Star Exploration Ltd.”. Stellar Stars SpinCo is planning a private placement financing for a minimum of $1,000,000. The distribution of the common shares of Stellar Stars SpinCo is conditional upon completion of the financing deal. The timing, pricing and terms of the Stellar Stars SpinCo Financing are subject to market conditions. Further details of this offering will be disclosed in one or more press releases as the information becomes available.

Aurwest Resources (AWR) is a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in Canada.

Aurwest Resources (AWR) is unchanged on the day, trading at C$0.06 at 2:40 pm ET.


More From The Market Herald

" Basin Uranium (CSE:NCLR) completes 2022 drilling at Mann Lake

Basin Uranium (NCLR) has completed 2022 drilling at its Mann Lake project.
New Found Gold Corp. - COO, Greg Matheson.

" New Found (TSXV:NFG) intercepts bonanza gold

New Found Gold Corp. (NFG) has struck a bonanza-grade gold intercept on its Queensway Project in Newfoundland and Labrador.

" Andean Precious Metals (TSXV:APM) appoints new independent director

Andean Precious Metals (APM) announced the appointment of Yohann Bouchard to its board of directors, effective December 1, 2022.

" Skyharbour Resources (TSXV:SYH) completes 2022 drilling at Mann Lake uranium project

Skyharbour Resources (SYH) partner company Basin Uranium has completed the 2022 drilling program at the Mann Lake uranium project.