Gold X2 Announces Definitive Agreements for Proposed Spin-Out of Net Smelter Royalty to Shareholders
Gold X2 Mining has signed definitive agreements to spin out a 1.0% net smelter return royalty on future production at its 100%-owned Moss Gold Project into a new subsidiary, SpinCo, whose shares will be distributed pro rata to shareholders. Shareholders will receive one-fifth of one SpinCo share per Gold X2 share held as of a record date yet to be announced, with no change to their Gold X2 holdings. Options, warrants and RSUs will be adjusted accordingly. The arrangement requires 66 2/3% shareholder and securityholder approval plus Supreme Court of British Columbia and TSXV clearance; SpinCo shares will not be listed on any exchange at closing.
Key figures
- Nsr royalty rate
- 1.0%
- Spinco exchange ratio
- one-fifth of one SpinCo share per Gold X2 share
- Shareholder vote threshold
- 66 2/3%
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