Business
Red Lake Gold Inc. Announces Intent to Spin-Out Alma Gold Inc. to Shareholders, Provides Additional Corporate Updates
VANCOUVER, BC / ACCESSWIRE / June 4, 2020 / Red Lake Gold Inc. (CSE:RGLD)(FWB:P11) ("Red Lake Gold" or the "Corporation") is pleased to announce certain corpora
About this update from Red Lake Gold Inc
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / June 4, 2020 / Red Lake Gold Inc. (CSE:RGLD)(FWB:P11) (\"Red Lake Gold\" or the \"Corporation\") is pleased to announce certain corporate developments. Intent to Spin-Out Alma Gold Inc. The Corporation advises that it has incorporated a wholly-owned subsidiary, Alma Gold Inc. (\"Alma Gold\"), a corporation existing under the laws of British Columbia. Alma Gold has executed an option agreement to acquire a 100% interest in the Chambers Settlement Gold Project in New Brunswick, Canada (the \"Chambers Settlement Gold Project\") from Avalon Gold Resources Inc., an arm's-length party based in Toronto, Canada. The Chambers Settlement Gold Project has had recent exploration thereon with follow-up work planned by Alma Gold. The terms of the Chambers Settlement Gold Project involve a series of cash payments over a four-year earn-in period, and the granting of a 2% royalty, half of which may be re-purchased by Alma Gold. The Corporation has retained Mercator Geological Services Limited of Halifax, Nova Scotia to ready certain exploration plans, as well as other technical materials expected to be used in conjunction with the corporate plans disclosed herein. Red Lake Gold intends to spin-out shares of Alma Gold to its shareholders at a yet-to-be-determined ratio. It is expected that Alma Gold will conduct a financing in conjunction with an intent to pursue a public listing of Alma Gold. Further information and disclosure documentation, including the applicable record date, shall be forthcoming as available. Fenelon Gold Inc. The Corporation is also pleased to report that it has incorporated a wholly-owned subsidiary, Fenelon Gold Inc., for the purposes of advancing its Fenelon North Gold Project, which shares a 50km common property boundary with Wallbridge Mining Company Limited. Through the Fenelon North Gold Project, the Corporation controls a significant amount of mineral tenure exceeding 60,000 acres which includes substantial holdings within the Jeremie Pluton, a structure that has recently seen increased exploration industry focus (see also Red Lake Gold news releases dated June 2, 2020 and February 12, 2020). Additional information on the Fenelon North Gold Project may be found at: https://www.redlakegold.ca/fenelon_north The Corporation further advises that it recently sought certain regulatory relief ...