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Liberty Gold Provides Update on Spin-Out of Goldstrike/Antimony Ridge Project, Southwest Utah into Specialty American Metals Inc.
VANCOUVER, British Columbia, April 13, 2025 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQ...
About this update from Liberty Gold Corp
[{"type":"text","content":"Liberty Gold Provides Update on Spin-Out of Goldstrike/Antimony Ridge Project, Southwest Utah into Specialty American Metals Inc.\n\n\n\n VANCOUVER, British Columbia, April 13, 2025 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to provide an update on the “spin-out” process to shareholders of its wholly-owned subsidiary that holds the Goldstrike Project with the Antimony Ridge discovery which is expected to be renamed Specialty American Metals Inc. (“Specialty American”), currently owned 100% by Liberty Gold.\n \n\n\n Highlights\n \n\n\n\n Specialty American is expected to hold the Goldstrike Project and its recent Antimony Ridge discovery.\n \n\n The proposed spinout structure is expected to be effected by a plan of arrangement (the “Arrangement”) between Liberty Gold and Specialty American and is expected to be subject to customary conditions, including shareholder, regulatory and court approval.\n \n\n Under the Arrangement, a portion of the common shares of Specialty American would be distributed to Liberty Gold’s shareholders, at a ratio to be determined in due course. Liberty Gold will retain a percentage of shares of Specialty American in exchange for funds already invested in the project.\n \n\n Should the Arrangement become effective, Liberty Gold shareholders would own shares of two companies: Liberty Gold, which will focus on the development of the Black Pine Oxide Gold Project in Idaho, and Specialty American, which will be a company focused on specialty metals in the United States, underpinned by the exciting Antimony Ridge discovery at the Goldstrike Project in Utah. The capital structure of Specialty American will be finalized in due course and could involve a share plus warrant.\n \n\n A meeting of Liberty Gold’s shareholders to approve the transaction is expected to occur in the third quarter of 2025. All shareholders, current and /or future of Liberty Gold at the record date (45 days prior to the shareholder meeting) will be entitled to receive shares and warrants in Specialty American.\n \n\n\n\n\n Progress to Date\n \n\n\n\n Cal Everett and Greg Etter from Liberty Gold’s board of directors have agreed to join the board of Specialty American and suitable indepe...