- HighGold Mining (HIGH) has entered into an agreement for the spin-out of its Ontario and Yukon Properties
- The arrangement is between the company and its wholly-owned subsidiary Onyx Gold Corp.
- HighGold will then apply to list Onyx Gold shares on the TSX Venture Exchange
- Following the listing, Onyx Gold will raise funds through a private placement to fund its programs and general working expenses
- Shares of HighGold Mining remain unchanged at C$0.70
HighGold Mining (HIGH) has officially entered into an agreement to spin out its Ontario and Yukon properties to its subsidiary, Onyx Gold Corp.
The agreement comes following its press release from February 22 when HighGold Mining first made the announcement.
HighGold Mining said the spin-out will take place through a plan of arrangement (POA). The company will then apply to list Onyx Gold on the TSX Venture Exchange.
Other arrangement details under the POA include:
- HighGold will transfer all outstanding common shares of Epica Gold, a wholly owned subsidiary of the company that owns the properties, to Onyx Gold
- Onyx Gold will transfer to HighGold shares equal to the number of HighGold shares outstanding at the time of the spin-out multiplied by 0.25 and 5 million Onyx Gold Shares
- Once the spin-out is closed, HighGold shareholders will receive 0.25 of an Onyx Gold share
Once the agreement is closed, Onyx Gold will raise funds through a private placement in order to fund its work programs and other general working expenses.
HighGold is a mineral exploration company focused on gold projects in North America. The company’s flagship asset is the high-grade Johnson Tract project in Alaska.
Shares of HighGold Mining (HIGH) remain unchanged at C$0.70.