Business
Southern Cross Gold Completes Spin-Out, Consolidation and Name Change, To Commence Trading on the ASX
VANCOUVER, BC / ACCESSWIRE / January 13, 2025 / Southern Cross Gold Consolidated Ltd ("SXGC" or the "Company") (TSXV:SXGC) (ASX:SX2) is pleased to provide the f
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"VANCOUVER, BC / ACCESSWIRE / January 13, 2025 / Southern Cross Gold Consolidated Ltd (\"SXGC\" or the \"Company\") (TSXV:SXGC) (ASX:SX2) is pleased to provide the following updates: SUA Holdings Limited - Spin Out of Uranium Assets via Plan of Arrangement In connection with its previously announced transaction with SUA Holdings Limited (\"SUA\"), the Company has completed the spin out of its uranium assets via a plan of arrangement (the \"Arrangement\") under the Business Corporations Act (British Columbia) pursuant to which, the Company distributed 100% of the common shares of SUA (the \"SUA Shares\") held by it to shareholders of the Company of record as at 12:01 a.m. (Vancouver time) on Friday, January 10, 2025, on a pro rata basis. As a result, shareholders of the Company have also become shareholders of SUA and SUA has ceased to be a subsidiary of the Company. SUA has become a reporting issuer in British Columbia, Alberta and Ontario. The necessary tax filings were made such that SUA is deemed to be a public corporation for Canadian income tax purposes and, as a result, an investment in the SUA Shares is an eligible investment for all registered accounts Consolidation of Common Shares and Name Change Immediately after the completion of the Arrangement, the Company effected a consolidation of its common shares (the \"Consolidation\") on the basis of one (1) post-Consolidation common share for every 3.169432 pre-Consolidation common shares. As a result, the 306,138,320 common shares of the Company issued and outstanding prior to the Consolidation were reduced to 96,590,894 common shares, and outstanding stock options were adjusted accordingly. The Company has no warrants outstanding. In addition, in conjunction with the expected completion of the scheme of arrangement (the \"SXG Scheme\") as between the Company and Southern Cross Gold Ltd. (\"SXG\"), the Company changed its name (the \"Name Change\") to Southern Cross Gold Consolidated Ltd. effective January 10, 2025. The Company's common shares are expected to resume trading on the TSX Venture Exchange (the \"Exchange\") on a post-Consolidated basis effective at the opening of the market on Wednesday, January 15, 2025, under the new ticker symbol \"SXGC\". The new CUSIP number assigned to the Company's common shares following the Consolidation and Name Change ...