- G2 Goldfields (GTWO) has announced it has closed the spin-out of the Sandy Lake Project with its wholly-owned subsidiary, S2 Minerals
- The arrangement became effective as of April 9, 2021
- G2 will distribute 100 per cent of the common shares of S2 Minerals received under the arrangement to the company’s shareholders on a pro rata basis
- S2 will also issue rights to S2 shareholders effective April 2 to raise gross proceeds of C$1.2 million
- S2 rights will expire at 5:00 p.m. EDT on May 12, 2021
- Shares of G2 Goldfields were up 5.75 per cent to $0.46 as of 2:14 p.m. EDT
G2 Goldfields (GTWO) announced the closing of a spin-out of the Sandy Lake Project with its wholly-owned subsidiary S2 Minerals.
The arrangement became effective immediately on April 9. As announced by G2 Goldfields previously, shares of the company began trading on the TSX Venture Exchange on a “due bill” basis effective from April 7 to April 14, 2021.
Beginning at market open on April 15, share of G2 Goldfields will begin trading on an ex-distribution basis without any due bill entitlement reflecting that distribution of S2 Minerals’ shares has happened.
Effective April 9, G2 Goldfields shareholders will be entitled to receive S2 shares in tandem with G2 shares held.
Additionally, S2 Minerals has applied to list its common shares on the Canadian Securities Exchange under the ticker symbol STWO,” and will provide an update sometime in the near future as to when its shares will be available on the CSE.
G2 Goldfields is a company focused on discovering large gold deposits in the Guiana Shield, which is located in Venezuela. The company owns a 100 per cent interest in a past-producing gold mine in addition to a owning a portfolio of highly prospective projects.
S2 Minerals holds the Sandy Lake Project in Ontario and is a company focused on mineral exploration. The Sandy Lake Project holds approximately 167,000 acres of contiguous mineral claims in the Sandy Lake Archean Green Belt, which is roughly 140 miles north of Red Lake, Ontario.
Following the announcement, shares of G2 Goldfields were up 5.75 per cent to $0.46 as of 2:14 p.m. EDT.