Avidian Gold Corp. (TSXV:AVG) (OTCQB:AVGDF) – in connection with its majority owned subsidiary, High Tide Resources Corp., has confirmed its intention to list its common shares on the Canadian Securities Exchange.
The company had declared a special distribution of approximately 9,360,852 High Tide common shares. The Distribution is payable on a pro rata basis on or before February 22, 2022 to holders of record of Avidian common shares at the close of business on February 17, 2022.
The company also announces that Steve Roebuck has been elected as a director of the company at the company’s annual and special meeting of shareholders held on February 7, 2022. Mr Roebuck replaces David Anderson, who did not stand for re-election due to other commitments, but remains an advisor to the company.
“We are very pleased to announce the partial spin-off of High Tide, which we believe will allow shareholders of Avidian to directly benefit from the exploration and development potential of the Labrador West Iron Project,” said Steve Roebuck, President, CEO and Director of Avidian.
“”We believe that, as a result of the spin off, High Tide will be well-positioned to continue to establish its profile in the mining exploration community.”
High Tide was established as a subsidiary of the company in October 2018, and the company subsequently acquired High Tide Shares by way of private placement offerings. The company believes that the distribution is in the best interests of shareholders by facilitating a return of capital to the company’s shareholders, without having any impact on the day-to-day operations of the company.
The company currently holds an aggregate of 31,202,842 High Tide common shares. The High Tide Shares the company will be distributing represents approximately 30% of the total number of High Tide Shares the Company holds. After the Distribution is issued and the conversion of 7,332,063 outstanding subscription receipts of High Tide into High Tide common shares, upon listing, the company will hold 21,841,990 High Tide common shares, representing 32.37% of High Tide’s issued and outstanding common shares on a non-diluted basis.
The company said it has carefully considered the potential tax implication of the Distribution and intends for the Distribution to be issued on a tax-free basis to the company’s shareholders.
Avidian brings a disciplined and veteran team of project managers together with a focus on advanced stage gold exploration projects in Alaska. Avidian’s Golden Zone project hosts a NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an Inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au). Additional projects include the Amanita and the Amanita NE gold properties which are both adjacent to Kinross Gold’s Fort Knox gold mine in Alaska, and the Jungo gold/copper property in Nevada.
High Tide is a private corporation that is focused on, and committed to, the development of advanced-stage mineral projects in Canada using industry best practices combined with a strong social license from local communities. High Tide is earning a 100% interest in the Labrador West Iron Project located adjacent to IOC/Rio Tinto’s 23 mtpy Carol Lake Mine in Labrador City, Labrador and owns a 100% interest in the Lac Pegma Copper-Nickel-Cobalt deposit located 50 kilometres southeast of Fermont Quebec.
For further information please visit: http://avidiangold.com/
