Business
HighGold Mining and Onyx Gold Announce Closing of Spin-out Arrangement
Vancouver, BC – June 6, 2023 – HighGold Mining Inc. (TSX-V:HIGH, OTCQX:HGGOF) (“HighGold”) and Onyx Gold Corp. (“Onyx Gold”) are pleased to announce that HighGo
About this update from Onyx Gold Corp.
[{"type":"text","content":"Vancouver, BC – June 6, 2023 – HighGold Mining Inc. (TSX-V:HIGH, OTCQX:HGGOF) (“HighGold”) and Onyx Gold Corp. (“Onyx Gold”) are pleased to announce that HighGold and Onyx Gold have closed their previously announced spin-out transaction, by way of a court-approved statutory plan of arrangement (“Arrangement”) under the Business Corporations Act (British Columbia), pursuant to which HighGold’s Ontario and Yukon exploration properties (the “Properties”) were spun-out to Onyx Gold. Pursuant to the Arrangement, among other things: HighGold transferred all of the outstanding common shares of Epica Gold Inc. (“Epica”), the subsidiary owning the Properties, to Onyx Gold; In consideration of the foregoing, Onyx Gold issued to HighGold: (i) for the purposes of the HighGold share exchange described directly below, the respective number of common shares in the capital of Onyx Gold (“Onyx Gold Shares”), equal to the number of common shares in the capital of HighGold (“HighGold Shares”) outstanding immediately prior to the effective time of the Arrangement, multiplied by 0.25; and (ii) 5,000,000 Onyx Gold Shares (the “Retained Shares”). HighGold will retain the Retained Shares as well as HighGold’s remaining assets and working capital, and continue as a mineral exploration company; and Each existing HighGold Share held by a HighGold shareholder will be exchanged for a new HighGold Share and 0.25 of an Onyx Gold Share. The CUSIP of the new HighGold Shares will be “42984X109”. Onyx Gold has applied to list the Onyx Gold Shares on the TSX Venture Exchange (the “TSXV”). Listing of the Onyx Gold Shares is subject to the approval of the TSXV. There can be no assurance as to if, or when, the Onyx Gold Shares will be listed or traded on the TSXV or any other stock exchange. Exchange of Securities HighGold Shareholders that hold their HighGold Shares through an intermediary (i.e., broker) will receive the consideration payable to them pursuant to the Arrangement through their broker or other intermediary. Such non-registered HighGold Shareholders should contact their intermediary for instructions and assistance in receiving the Arrangement consideration. Registered HighGold Shareholders will be required to file a Letter of Transmittal with Computershare Investor Services Inc. in order to receive the consideration to which they are entitled. Reg...