Business
Avidian Gold Announces Majority Owned Subsidiary High Tide Intention to Become Public Company and Distribution of High Tide Common Shares & Avidian Gold Also Announces High Tide Private Placement
TORONTO, ON / ACCESSWIRE / August 27, 2021 / Avidian Gold Corp. (" Avidian " or the " Comp...
About this update from Avidian Gold Corp.
[{"type":"text","content":"Avidian Gold Announces Majority Owned Subsidiary High Tide Intention to Become Public Company and Distribution of High Tide Common Shares & Avidian Gold Also Announces High Tide Private PlacementTORONTO, ON / ACCESSWIRE / August 27, 2021 / Avidian Gold Corp. (\"Avidian\" or the \"Company\") (TSXV:AVG)(OTCQB:AVGDF) is pleased to announce that its majority owned subsidiary, High Tide Resources Corp. (\"High Tide\"), intends to become a reporting issuer and list its common shares on a recognized Canadian stock exchange (the \"Listing\"). In connection with the Listing, as previously announced on July 26, 2021, the Company will distribute to its shareholders approximately 9,360,852 High Tide common shares (the \"Distribution\"), being approximately 30% of the total number of High Tide common shares the Company holds.Distribution of High Tide Common Shares to Avidian ShareholdersThe Company will hold a special meeting of shareholders (the \"Meeting\") on September 7th, 2021, where shareholders will be ask to approve an amendment to the Company's articles whereby each Avidian issued and outstanding common share will be exchanged for: (i) one (1) new common share, and (ii) a pro rata share of the Distribution. If the Distribution is approved at the Meeting, no additional action would be required by the Company's shareholders to receive the Distribution.The Distribution will be distributed to Avidian shareholders of record on the date that is five (5) days after the board of directors of Avidian (the \"Board\") resolves to implement the Distribution (the \"Record Date\"). The Board anticipates the Record Date to be shortly after High Tide initiates the Listing process, which High Tide expects to do immediately following the Meeting.Avidian would like to reiterate to its shareholders that the Company has carefully considered the potential tax implications of the Distribution and intends for the Distribution to be issued on a tax-free basis to the Company's shareholders. For further information regarding the tax-free status of the Distribution, the Company recommends shareholders review the management information circular that pertains to the Meeting. The Company cannot guarantee the tax-free status of the Distribution.The Company reminds shareholders that the Distribution is contingent on (i) shareholder approval at the Meeting, and (ii)...