Tudor Gold Corp. (TSXV: TUD) and Goldstorm Metals Corp. anticipate closing a previously announced spin-out arrangement transaction, by way of a court-approved statutory plan of arrangement under the Business Corporations Act on or about November 10, 2022.
Subject to the approval of the TSX Venture Exchange (TSXV), the common shares of Goldstorm are anticipated to be listed for trading under the ticker symbol “GTSM” at the close of business on November 10, 2022, and immediately halted pending closing of the Arrangement. The Goldstorm Shares are expected to resume trading on or about November 11, 2022, subject to TSXV approval.
In accordance with the Arrangement, among other things:
- Tudor Gold shareholders on record as of November 10, 2022, will receive approximately 0.251 of a Goldstorm Share for every one common share of Tudor Gold held; and
- Goldstorm will acquire the six contiguous mineral properties located in the Golden Triangle Area in northwestern British Columbia in consideration for Goldstorm issuing 49,847,967 Goldstorm Shares to the Tudor Gold shareholders.
As a result of the Arrangement, Goldstorm will cease to be a wholly-owned subsidiary of Tudor Gold and the Tudor Gold shareholders became shareholders of Goldstorm. Tudor Gold will retain its remaining assets and working capital and will continue as a precious and base metals exploration and development company.
On October 28, 2022, Goldstorm closed its previously announced non-brokered private placement of non-flow-through units, flow-through units and flow-through subscription receipts, raising aggregate gross proceeds of $3,900,000.12.
Additionally, Goldstorm anticipates filing its listing application in connection with the company’s listing on the TSXV on SEDAR on or around November 8, 2022.
For further information please visit: https://tudor-gold.com/
