Exciting Update on Liberty Gold’s Spin-Out to Specialty American
Liberty Gold's Strategic Spin-Out to Specialty American Metals
VANCOUVER, British Columbia — Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) is thrilled to share details about the upcoming "spin-out" of its wholly-owned subsidiary, which holds the Goldstrike Project alongside the remarkable Antimony Ridge discovery. This new entity is poised to be renamed Specialty American Metals Inc. (“Specialty American”) and will be managed entirely by Liberty Gold.
Key Highlights of the Spin-Out
The formation of Specialty American is designed to centralize the Goldstrike Project and its significant Antimony Ridge find. Here are the anticipated highlights:
- Specialty American will inherit the Goldstrike Project and its latest Antimony Ridge discovery.
- The spin-out will follow a structured plan of arrangement (the “Arrangement”) requiring approval from shareholders, regulatory bodies, and the courts.
- A fraction of the common shares of Specialty American will be allocated to Liberty Gold’s shareholders, with the exact distribution ratio to be determined later. Liberty Gold will retain a part of the shares as recognition of its past investments in the project.
- If the Arrangement receives approval, Liberty Gold's shareholders will ultimately hold stocks in two distinct companies: Liberty Gold, which will shift focus to developing the Black Pine Oxide Gold Project in Idaho, and Specialty American, which will pursue specialty metals in the U.S. backed by the Antimony Ridge discovery.
- A shareholder meeting to finalize the transaction is anticipated in the upcoming months, where all shareholders on record will be eligible for potential shares and warrants in Specialty American.
Progress and Leadership Updates
As preparations for the spin-out advance, progress is being made in assembling a capable leadership team:
- Cal Everett and Greg Etter from Liberty Gold’s board are poised to join the board of Specialty American, supplemented by qualified independent candidates.
- Russell Starr will take on the role of CEO for Specialty American, with Peter Shabestari as its President and Joanna Bailey serving as the CFO.
- Documentation, including the Arrangement agreement and an information circular for shareholders, is making significant strides.
Voices from Leadership
Cal Everett, CEO and Director of Liberty Gold, stated: “The spin-out of the Antimony Ridge discovery into Specialty American Metals offers shareholders a specialized platform aimed at realizing the growth potential of Antimony Ridge, positioning the company to navigate further opportunities in the specialty metals arena.”
Russell Starr, CEO of Specialty American, shared: “Working alongside an accomplished team from Liberty Gold while managing significant assets in critical elements aligns with our strategic goals. Specialty American Metals combines valuable assets, a proficient team, and an opportune market landscape, which we aim to leverage to deliver substantial returns for our shareholders.”
Understanding the Executives Behind Specialty American
Specialty American is backed by seasoned professionals with extensive experience in the mining industry:
Russell Starr, CEO and Director
Bringing experience from Bay Street and a successful hedge fund career, Russell serves as a vital asset in overseeing the new venture's growth and strategic direction.
Cal Everett, Director
A geologist with deep mining insights, Cal's expertise comes from over 14 years dedicated to exploration, complemented by years in resource equities with prominent financial institutions.
Greg Etter, Director
Greg offers two decades of operational experience in natural resources, actively managing portfolios and navigating complex mining environments globally.
Peter Shabestari, President
With a rich background in mineral exploration, Peter is committed to progressing various projects, ensuring effective management of engineering and community relations.
Joanna Bailey, CFO
Joanna, a Chartered Accountant, has a strong background in financial reporting, ensuring consistent oversight of Specialty American's financial integrity.
About Liberty Gold
Liberty Gold focuses on exploring and developing open-pit oxide deposits within the Great Basin region of the United States, renowned for its prolific gold discovery potential. The company is also committed to advancing the Black Pine Project in Idaho, aiming to expand its resource base while addressing the risks associated with developing past-producing gold systems.
For inquiries, contact: Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll-Free 1-877-632-4677
Email: info@libertygold.ca
Frequently Asked Questions
What is the purpose of the spin-out?
The spin-out aims to create a specialized company focused on the Antimony Ridge discovery, unlocking its full growth potential.
Who will manage Specialty American?
Russell Starr has been appointed CEO, along with experienced professionals in executive roles from Liberty Gold.
When will shareholders vote on the spin-out?
A shareholder meeting is expected in the third quarter of 2025, where the spin-out will be presented for approval.
What will shareholders receive?
Shareholders of Liberty Gold will receive shares in both Liberty Gold and Specialty American based on the Arrangement details.
What projects is Liberty Gold focused on?
Liberty Gold is actively developing the Black Pine Oxide Gold Project and the Goldstrike Project, with an emphasis on their expansion and the new Antimony Ridge Prospect.
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