Business
Fosterville South Plans to Spin-out Avoca and Timor Tenements, Victoria to Leviathan Gold Ltd. the Shares of Which Will be Distributed to Fosterville South Shareholders
Fosterville South Plans to Spin-out Avoca and Timor Tenements, Victoria to Leviathan Gold ...
About this update from Great Pacific Gold Corp.
[{"type":"text","content":"\n\n\n\nFosterville South Plans to Spin-out Avoca and Timor Tenements, Victoria to Leviathan Gold Ltd. the Shares of Which Will be Distributed to Fosterville South Shareholders\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, June 23, 2020\n\n\n\nVANCOUVER, BC, June 23, 2020 /CNW/ - Fosterville South Exploration Ltd. (\"Fosterville South\" or the \"Company\") (TSXV: FSX) (OTC: FSXLF) (Frankfurt: 4TU) is pleased to announce that the Board of Directors of the Company has unanimously approved a spin out transaction (the \"Spin Out\") whereby Fosterville South will distribute the shares of a new company named Leviathan Gold Ltd. (\"Leviathan\") to the shareholders of Fosterville South, following which Leviathan will undertake an equity financing to fund the exploration, advancement and development of the Avoca and Timor projects. \n\n \n \n \n \n \n \n\n \nHighlights:\nCreates immediate shareholder value for Fosterville South shareholders as each Fosterville South shareholder will receive one share of Leviathan for every share held of Fosterville South as of record date. Highly experienced new management team of Leviathan, led by Luke Norman, will explore, advance and develop the Timor and Avoca assets. Lauriston Gold Project, Golden Mountain Project, Providence Project and Walhalla Belt Project will continue to be held and advanced by Fosterville South.The implementation of the Spin Out of these granted exploration licenses is subject to, among other things, Fosterville South shareholder approval, court approval, regulatory approvals, completion of a financing by Leviathan in an amount of at least $5,000,000 and TSX Venture Exchange (the \"Exchange\") approval, including Exchange approval of the listing of the common shares of Leviathan on the Exchange.\nFosterville South Chief Executive Officer, Bryan Slusarchuk, states, \"Victoria is experiencing a boom, and with great reason. It is an incredible jurisdiction and has amazing geology with a history of high-grade gold production. While this modern day gold-rush is wa...