Business
Sassy Resources Announces Dividend Spinout of 8.83 Million Gander Gold Shares
VANCOUVER, BC / ACCESSWIRE / October 15, 2021 / Sassy Resources Corporation ("Sassy" or the "Company") (CSE:SASY)(FSE:4E7)(OTCQB:SSYRF) is pleased to announce t
About this update from Sassy Gold Corp
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / October 15, 2021 / Sassy Resources Corporation (\"Sassy\" or the \"Company\") (CSE:SASY)(FSE:4E7)(OTCQB:SSYRF) is pleased to announce that its Board of Directors has approved the dividend spinout distribution (the \"Spinout\") to its shareholders of an aggregate of 8,833,333 common shares (the \"Gander Shares\") in the Company's wholly-owned subsidiary, Gander Gold Corporation (\"Gander\"). This number of Gander Shares represents the settlement of 100% of the debt outstanding between Gander and Sassy associated with the acquisition of the Company's Newfoundland exploration properties. The Company currently has 47,537,506 common shares (the \"Sassy Shares\") issued and outstanding. Accordingly, the planned dividend distribution of 8,833,333 Gander shares would represent a ratio of one (1) Gander share for every 5.3816 Sassy shares owned by a Sassy shareholder as of the record date of February 1, 2022, or alternatively 0.1858 Gander shares for every one (1) Sassy share owned as of the record date. The final spinout ratio is subject to any changes to the Sassy share structure between the date of this announcement and the final record date for the dividend distribution, along with the approval of Gander's imminent application to list on a Canadian stock exchange. Sassy is in the final stages of preparing the application to list Gander on a Canadian stock exchange. Upon listing, Gander is expected to have 71,395,556 Gander Shares issued and outstanding, with nil share purchase warrants outstanding. Following execution and completion of the Spinout, Sassy will maintain ownership of 35,330,556 Gander Shares, representing approximately 49.5% ownership of Gander. Eric Sprott will beneficially own 10,666,667 Gander Shares, representing approximately 15% ownership. Comments From Mr. Mark Scott, Sassy President & CEO \"The planned dividend spinout of over 8.8 million Gander shares to our Sassy shareholders represents the first quantifiable delivery of value to our shareholders resulting from our strategic early move into Newfoundland and should represent a material premium to Sassy's share price. \"We have been very effective at managing Sassy's share structure as well as Gander's while building for our investors a compelling portfolio of grassroots properties in Newfoundland covering 2,257 sq. km (8 separa...