Business
Golden Independence Mining and Hilo Mining Complete Spin-Out
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2021) - Golden Independence Mining Corp. (CSE: IGLD) ("Golden") and Hilo Mining Ltd. ("Hilo") are pl
About this update from Nexus Uranium Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 12, 2021) - Golden Independence Mining Corp. (CSE: IGLD) (\"Golden\") and Hilo Mining Ltd. (\"Hilo\") are pleased to announce that they have completed their previously announced spin-out transaction (the \"Spin-Out\") involving common shares of Hilo (\"Hilo Shares\"). In accordance with the terms of the arrangement agreement between Golden and Hilo, 1,000,000 Hilo Shares have been distributed and holders of common shares of Golden received 01594764 of a Hilo Share for each common share of Golden held by such holder. Golden shareholders do not need to take any action to receive their Hilo Shares. Further details on the Spin-Out are contained in Golden's news release date November 5, 2021. As a result of the Spin-Out, Hilo is now a \"reporting issuer\" in British Columbia, Alberta and Ontario but is not currently listed on a stock exchange. There are currently 1,500,000 Hil0 common shares issued and outstanding. Hilo is an exploration company currently focused on the Champ Property located in the Greenwood Mining District of British Columbia, near Castlegar, British Columbia. The Chief Executive Officer of Hilo is Jeremy Poirier and the Chief Financial Officer is Lachlan McLeod. Hilo intends to seek a listing on the TSX Venture Exchange as Tier 2 Mining Issuer. Hilo also announces that it is completing a non-brokered private placement of up to 6,666,667 common shares at a price of $0.15 per common share to raise gross proceeds of up to $1,000,000 (the \"Private Placement\"). The net proceeds of the Private Placement will be used for working capital (including expenses associated with seeking a listing on the TSX Venture Exchange) and exploration of the Champ Property. Early Warning Disclosure In accordance with the early warning reporting provisions of applicable securities laws, Hilo is providing the following information regarding shareholders who hold in excess of 10% of the outstanding Hilo Shares on an undiluted and partially diluted basis. Gino Demichele (\"Demichele\"), of 211 Church Ranches Way, Calgary, AB T3R 1B2 currently holds 500,000 Hilo Shares. The 500,000 Hilo Shares represent approximately 33.3% of the issued and outstanding Hilo Shares. All of the Hilo Shares were acquired from Golden for cash consideration at a price of $0.10 per Hilo Share. The aggregate ...