Business
Golden Independence Mining Provides Update on Spin-out and Announces Engagement of Sprott Capital Partners
Vancouver, British Columbia--(Newsfile Corp. - May 10, 2021) - Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) ("Golden Independence") or
About this update from Nexus Uranium Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - May 10, 2021) - Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (\"Golden Independence\") or (the \"Company\") further to its news release dated January 22, 2021, is pleased to provide an update on its proposed spin-out (the \"Spin-Out\") of its Champ metals precious property located in Castlegar, British Columbia (the \"Champ Property\"). The Company has entered into an arrangement agreement (the \"Arrangement Agreement\") with Hilo Mining Corp. (\"Spinco\"), which is currently a wholly owned subsidiary of the Company, to transfer the Champ Property to Spinco in exchange for the issuance of 1,499,999 common shares of Spinco (the \"Consideration Shares\"). In accordance with the terms of the Arrangement Agreement, the Company will then distribute 1,000,000 of the Consideration Shares (the \"Spinout Shares\") to shareholders of the Company pursuant to a statutory plan of arrangement (the \"Plan of Arrangement\"). As a result of the Plan of Arrangement, it is anticipated that Spinco will become a reporting issuer and intends to seek a listing of its common shares on either the Canadian Securities Exchange or the TSX Venture Exchange. A listing will be conditional on Spinco completing a private placement which is currently anticipated to be comprised of the issuance of 6,000,000 common shares of Spinco at a price of $0.10 per common share for gross proceeds of $600,000 (the \"Spinco Financing\"). Completion of the Plan of Arrangement is subject to a number of conditions including approval of the Plan of Arrangement by the Company's shareholders and approval of the Supreme Court of British Columbia. There is no assurance that the Plan of Arrangement will be completed or that, even if such Plan of Arrangement is completed, that Spinco will be successful in completing the Spinco Financing or obtaining a stock exchange listing. In connection with the Plan of Arrangement, the Company has called an annual and special shareholders meeting for June 1, 2021 (the \"Shareholders Meeting\"). An information circular for the Shareholders Meeting will be mailed to shareholders and will be available for review under the Company's profile at www.sedar.com. The Company also announces that it has entered into an engagement letter (the \"Engagement Letter\") with Sprott Capita...