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Great Pacific Gold Enters into Arrangement Agreement for 1:1 Spin Out of Walhalla
Receives $1.5 Million Cash Payment Vancouver, British Columbia--(Newsfile Corp. - June 23, 2025)...
About this update from Great Pacific Gold Corp.
[{"type":"text","content":"Great Pacific Gold Enters into Arrangement Agreement for 1:1 Spin Out of WalhallaReceives $1.5 Million Cash PaymentVancouver, British Columbia--(Newsfile Corp. - June 23, 2025) - Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) (FSE: V3H) (\"Great Pacific\", \"GPAC\" or the \"Company\") is pleased to provide an update on the previously announced spin out (the \"Spin Out\") whereby Great Pacific will distribute the shares of a new company named Walhalla Gold Corp. (\"Walhalla\") to the shareholders of Great Pacific. Walhalla will then own the Walhalla Gold Project in Victoria, Australia1 (See News Release May 2, 2025).Transaction Highlights:Immediate Shareholder Value: Through this strategic spin out, GPAC shareholders will receive one share of Walhalla Gold for every GPAC share held.Cash Proceeds Secured: GPAC has received the $1.5 million cash2 payment associated with the transaction.Definitive Agreement: GPAC, 1537559 B.C. Ltd. (\"Finco\") and Walhalla have entered into a definitive arrangement agreement setting forth the terms the Spin Out.Strengthened Strategic Focus: Cash payment received represents non-dilutive funding to focus on GPAC's high-impact Wild Dog Project in Papua New Guinea.GPAC Shareholders Retain Upside Exposure: Share ownership in a highly prospective new vehicle, Walhalla Gold Corp:High-Grade Historical Production: The Walhalla Gold Project in Victoria, Australia, boasts a prolific history of production-1.51 million ounces at an average grade of 33.59 g/t Au (GeoVic, 2020).3Walhalla District-Scale Potential: The 1,400 km² land package hosts a range of advanced-stage and greenfield targets, including the fully permitted and drill-ready Pinnacles target.\"The spin-out of Walhalla enables GPAC shareholders to retain full and direct exposure to a district-scale gold project in a proven jurisdiction, marking another step in delivering on GPACs objective to monetize non-core assets,\" said Greg McCunn, CEO of Great Pacific Gold. \"The incoming funds continue to provide non-dilutive capital to advance our maiden drill program at Wild Dog in Papua New Guinea. Early results at Wild Dog (10.8 g/t AuEq over 7.0 metres from WDG-02 and 8.6 g/t AuEq over 6.0 meters from WDG-04), confirm high-grade, near-surface potential and we look forward to announcing further results from Wild Dog in the coming...