Seabridge concludes spin-out of Courageous Lake project into newly listing Valor Gold
TSX- and NYSE-listed Seabridge Gold has successfully closed the spin-out of its Courageous Lake gold project into a newly listed entity, Valor Gold Corporation, after receiving approval from the Supreme Court of British Columbia.
Pursuant to the transaction, which involves a statutory plan of arrangement, Seabridge has transferred its 100% interest in the Courageous Lake gold project, in Canada's Northwest Territories, to Valor, in a move aimed at unlocking value that the company says is not being reflected in its current share price.
Old Seabridge shares have been exchanged at a ratio of one new Seabridge share per old share, plus 1 Valor share for roughly every 1.957 old Seabridge shares.
The transaction will result in Valor's issued and share capital being 55-million shares.
The old Seabridge shares will cease trading on the TSX and NYSE on June 4, while the new Seabridge shares will start trading on June 5 - as will those of Valor.
Seabridge remains focused on developing the KSM, Bronson Corridor, Snowstorm and 3 Aces projects in British Columbia, Nevada and Yukon, respectively.
Courageous Lake is one of Canada’s largest undeveloped gold projects, hosting measured and indicated resources of 11-million ounces of gold, at an average grade of 2.36 g/t, plus a further 3.3-million ounces in the inferred category. The measured and indicated resource also incorporates 2.8-million ounces of proven and probable reserves, positioning Courageous Lake as one of the highest-grade openpit gold projects in Canada.
Seabridge chairperson and CEO Rudi Fronk said last year the asset had long been overshadowed by the scale of the company’s KSM project and that the spin-out would give shareholders greater flexibility and clearer exposure to the asset.
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