Business
Brascan Gold Announces Proposed Spin-Out of Alegre Gold Project
Vancouver, British Columbia--(Newsfile Corp. - February 27, 2023) - Brascan Gold Inc. (CSE: BRAS) ("Brascan" or the "Company") is pleased to announce that its b
About this update from Westgold Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - February 27, 2023) - Brascan Gold Inc. (CSE: BRAS) (\"Brascan\" or the \"Company\") is pleased to announce that its board of directors has approved, in principle, a strategic reorganization of the Company's assets pursuant to which the Company would spin off its Alegre Gold project in Para State, Brazil (the \"Alegre Property\") into a newly created entity (\"SpinCo\"), which would seek an independent listing on the Canadian Securities Exchange (the \"Spin-Out\"). In connection therewith, the Company would change its name to \"Brascan Resources Inc.\" and would continue to hold its interests in Quebec-Li properties in northern Quebec and the Albany Forks Rare Earth Elements (REE) property in northern Ontario, with a view to focusing on only battery metals and similar projects, with SpinCo focusing entirely on gold projects. It is anticipated that the Spin-Out would be carried out by way of statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia). Under the terms of the Spin-Out, shareholders of the Company would receive common shares of SpinCo in proportion to the number of common shares of the Company that they hold as of the effective date of the Spin-Out. There would be no change in shareholders' holdings in the Company as a result of the Spin-Out. In connection with the Spin-Out, the Company would complete a non-brokered private placement (the \"Financing\") into SpinCo of on terms to be determined, the net proceeds of which would be used to fund, among other things, the working capital of SpinCo and exploration at the Alegre Property. The proposed Spin-Out would be subject to the approval of the Company shareholders, which the Company would seek at its 2023 annual general and special meeting of shareholders (the \"Shareholders' Meeting\"). The date for the Shareholders Meeting has not yet been determined. The Spin-Out would also require the approval of the British Columbia Supreme Court. In connection with the Spin-Out, the Company would seek a listing of the SpinCo common shares on the Canadian Securities Exchange. No assurance can be provided that such a listing would be obtained and any such listing would be subject to SpinCo fulfilling all of the requirements of the applicable stock exchange. Further details of the Spin-Out, including the ...