Business
Golden Spike Resources Acquires 100% of Golden Horizon Exploration
VANCOUVER, BC / ACCESSWIRE / July 13, 2022 / Golden Spike Resources Corp. (CSE:GLDS) ("Golden Spike" or the "Company") is pleased to announce that, further to i
About this update from Golden Spike Resources Corp.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / July 13, 2022 / Golden Spike Resources Corp. (CSE:GLDS) (\"Golden Spike\" or the \"Company\") is pleased to announce that, further to its news release on June 17, 2022, it has entered into an amalgamation agreement (the \"Amalgamation Agreement\") with Golden Horizon Exploration Corp. (\"Horizon\") and 1368617 B.C. Ltd. (\"Subco\"), a wholly owned subsidiary of the Company incorporated solely for the purposes of the transaction, in order to acquire 100% of the issued and outstanding shares of Golden Horizon (the \"Transaction\"). Upon completion of the Transaction, the Company will have the option, through Golden Horizon, to acquire 100% of the interest in the Gregory River Property, a mineral exploration property located on the western portion of the island of Newfoundland (the \"Gregory River Property\" or the \"Property\"), subject to a 2% net smelter royalty. Transaction Summary The Transaction is structured as a three-cornered amalgamation under the Business Corporations Act (British Columbia) (\"BCBCA\"), pursuant to which Subco will amalgamate with Horizon and continue as one corporation under the BCBCA (\"Amalco\"), with the result that Amalco will be a wholly-owned subsidiary of the Company. Each holder (each a \" Horizon Shareholder\") of common shares in the capital of Horizon (each a \"Horizon Share\"), other than a Horizon Shareholder who exercised Dissent Rights (as defined in the Amalgamation Agreement) will receive one common share in the capital of the Company (each a \"Golden Spike Share\") in exchange for each Horizon Share held by such Horizon Shareholder, resulting in the Company issuing up to an aggregate of 11,300,000 Golden Spike Shares (which will represent approximately 35.76% of the issued and outstanding Golden Spike Shares). Additionally, the holders of common share purchase warrants of Horizon will be entitled to receive Golden Spike Shares, instead of Horizon Shares, on the exercise of their warrants (subject to the execution of an agreement by each such warrant holder and the Company, in accordance with the adjustments provisions of such warrants). Upon completion of the Transaction, it is expected that all of the existing board of directors of the Company will remain in place. Golden Spike CEO Keith Anderson commented, \"We are very excited to have proceeded with the...