Business
TomaGold Announces Spin-Out Corporation for Monster Lake and Newly Acquired Gold Assets
TomaGold Announces Spin-Out Corporation for Monster Lake and Newly Acquired Gold Assets ...
About this update from Tomagold Corporation Class A
[{"type":"text","content":"\n\n\n\nTomaGold Announces Spin-Out Corporation for Monster Lake and Newly Acquired Gold Assets\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Jan. 25, 2019\n\n\n\nCombined spin-out assets valued at C$22.66 million Newly acquired assets include the Anik property from Kintavar Exploration Inc. (TSXV: KTR) and the Diego project Concurrent financing of a minimum of C$8 million in the spin-out corporation, Monster Exploration New consolidated Monster Lake sector will consist of 610 claims covering 311 square kilometres MONTREAL, Jan. 25, 2019 /CNW Telbec/ - TOMAGOLD CORPORATION (TSXV: LOT) (\"TomaGold\" or the \"Corporation\") today announced that its Board of Directors has approved, in principle, a strategic reorganization of the Corporation's assets pursuant to which the Corporation would spin out (the \"Spin-Out\") its interests in the Monster Lake and Irene Lake exploration projects (the \"TomaGold Exploration Assets\") into a newly incorporated subsidiary (\"Monster Exploration\"), with the intent of listing Monster Exploration on the TSX Venture Exchange (the \"TSXV\"), and that the Corporation has entered into two letters of intent (the \"Letters of Intent\") with arm's length parties, with respect to the acquisition by Monster Exploration of interests in two additional gold projects in the vicinity of Monster Lake: Anik from Kintavar Exploration Inc. (\"Kintavar\") (TSXV: KTR) and Diego from a private individual. TomaGold will continue to hold its interests in its other projects in Quebec and Ontario. Subsequent to, or in connection with the completion of the Spin-Out, TomaGold intends to pursue capital market opportunities and to consolidate its share capital. \n\n \n \n\n \nIt is proposed that the transaction be carried out by way of statutory plan of arrangement (the \"Arrangement\") pursuant to the Canada Business Corporations Act. Under the terms of the Spin-Out, shareholders of TomaGold would exchange their existing common shares of TomaGold for the same number of new common shares of TomaGold (having the identi...