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Home » Nevada King Gold to spin out non-Atlanta claims portfolio
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Nevada King Gold to spin out non-Atlanta claims portfolio

June 12, 2024No Comments5 Mins Read
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Nevada King Gold to spin out non-Atlanta claims portfolio
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Nevada King will grant 3% NSR on all gold and silver production from the Atlanta resource area to SpinCo. Credit: István Mihály via Pixabay.

Canada-based Nevada King Gold has signed an agreement for a strategic business reorganisation by spinning out its non-Atlanta claims portfolio to a subsidiary, SpinCo.

The company will retain the Atlanta Gold Mine Project.

This move will create two specialised entities, with Nevada King focusing on the Atlanta Gold Mine Project and SpinCo managing what it claims to be the third-largest mineral claim portfolio in Nevada, US.

SpinCo will inherit more than 193,000 acres of claims along the Battle Mountain Trend, including significant historical exploration sites with high discovery potential.

The deal will see Nevada King shareholders receive shares in SpinCo, proportionate to their existing holdings, without affecting their stake in Nevada King.

SpinCo will operate as a reporting issuer, although it will not be listed on a public stock exchange upon the transaction’s closure.

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Nevada King will grant a 3% net smelter return (NSR) royalty on all gold and silver production from the Atlanta resource area and surrounding non-core claims to SpinCo.

Additionally, a 3% NSR royalty will apply to the core ‘Bobcat’ claims post the initial capped royalty period.

The completion of the spin-out is contingent upon the approval of Nevada King shareholders, the British Columbia Supreme Court, and the TSX Venture Exchange.

Nevada King will seek an interim order from the court to convene a shareholder meeting for the transaction’s approval.

Nevada King CEO Collin Kettell said: “Creating a standalone focused company holding Nevada King’s large portfolio of claims along the Battle Mountain trend will create an exciting growth-focused story with a dominant land position along one of the world’s most prolific gold mining trends.

“This project portfolio is nestled amongst some of North America’s most prominent current and former producing mines and has the potential to provide exceptional exploration upside and optionality from multiple properties.”

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