Business
Golden Independence Mining Announces Effective Date for Spin-Out
Vancouver, British Columbia--(Newsfile Corp. - November 5, 2021) - Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) ("Golden Independence"
About this update from Nexus Uranium Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 5, 2021) - Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (\"Golden Independence\") or (the \"Company\") is pleased to announce that the effective date (the \"Effective Date\") for its previously announced \"spin-out\" of 1,000,000 common shares of Hilo Mining Ltd. (\"Hilo\") is anticipated to be Friday, November 12, 2021. As previously announced, Hilo and the Company entered into an arrangement agreement (the \"Arrangement Agreement\") to complete a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the \"Plan of Arrangement\") pursuant to which the Company transferred the Champ precious metals property located in Castlegar, British Columbia (the \"Champ Property\") to Hilo in exchange for the issuance of 1,499,999 common shares of Hilo (the \"Consideration Shares\"). In accordance with the Plan of Arrangement, 1,000,000 of the Consideration Shares (the \"Spin-Out Shares\") will be distributed to the shareholders of the Company on the Effective Date. The Plan of Arrangement was approved by the Company's shareholders at an annual general and special meeting on June 1, 2021 and received approval of the British Columbia Supreme Court on June 22, 2021. The record date for determining the Company shareholders entitled to receive the Spin-Out Shares is the date prior to the Effective Date. Based on the number of current issued and outstanding common shares of the Company, it is anticipated that the Company's shareholders will receive approximately 0.016 of a Spin-Out Share for each common share of the Company. Any fractional Spin-Out Shares will be rounded down to the nearest whole number. Hilo will arrange for certificates representing the Spin-Out Shares to be delivered to the Company's shareholders and shareholders do not need to take any action to receive their Spin-Out Shares. Following the Effective Date, Hilo will be a \"reporting issuer\" in the provinces of British Columbia, Alberta and Ontario but has not yet achieved a listing on a stock exchange. Hilo has advised the Company that it intends to seek a listing on the TSX Venture Exchange and, in connection therewith, to complete a private placement of up to 6,666,667 common shares at a price of $0.15 per common share. Additional information on Hilo and th...