G2 Goldfields Announces Exciting Spin-Out Plans for G3
G2 Goldfields Unveils Plans for G3 Spin-Out
G2 Goldfields Inc. (“G2” or the “Company”) is taking significant steps to enhance shareholder value through the proposed spin-out of G3 Goldfields Inc. (“G3”). This strategic move aims to streamline its focus while allowing G3 to leverage a collection of non-core assets within its own management structure.
Details of the Spin-Out
Following a thorough assessment of its existing property portfolio, G2 has identified a number of properties that will be spun out as part of the plan of arrangement. This decision is based on the belief that the market may undervalue these non-core assets. The spin-out will not only allow G2 to strengthen its position in Guyana with its OKO project but will also unlock potential for shareholders to benefit from the intrinsic value of these assets, which include:
Transfer of Non-Core Assets
- Tiger Creek Property, Puruni District, Guyana (3,685 acres)
- Peters Mine Property, Puruni District, Guyana (8,316 acres)
- Aremu Mine Property, Cuyuni District, Guyana (8,811 acres)
- Aremu Partnership including the historic Wariri Mine, Cuyuni District, Guyana (32,340 acres)
- ‘Property A’, Region 7, Guyana (5,457 acres)
- ‘Property B’, Region 7, Guyana (20,739 acres)
Shareholder Experience
In accordance with the finalized terms of the arrangement, each G2 shareholder as of the effective date will receive one share of G3 for every two shares of G2 held. This distribution underscores G2's commitment to its shareholders as it reorganizes its asset allocation.
Engaging the Shareholders
To move forward, G2 intends to seek shareholder approval at an upcoming annual general and special meeting. This meeting, scheduled for late November, will allow shareholders to vote on the spin-out, ensuring collective agreement on the future path of both G2 and G3.
The spin-out is conditioned upon obtaining the necessary regulatory and court approvals, as well as meeting the requirements outlined by the Canadian Securities Exchange (CSE). It’s anticipated that shares of G3 will become publicly listed, providing further potential for shareholder returns and investment opportunities.
Future Strategy and Focus
As G2 moves toward the completion of this spin-out, the company remains dedicated to advancing the OKO project. The OKO property continues to be a significant focus, with updated mineral resource estimates demonstrating its viability. The resources in the Oko main zone are exciting, with a total of:
Mineral Resource Highlights
- 513,500 oz. Au — Inferred contained within 3,473,000 tonnes @ 4.60 g/t Au
- 808,000 oz. Au — Indicated contained within 3,147,000 tonnes @ 7.98 g/t Au
- 1,024,500 oz. Au — Inferred in the Ghanie Zone
- 663,400 oz. Au — Indicated in the Ghanie Zone
- 97,200 oz. Au — Inferred in the Oko NW Zone
About G2 Goldfields
G2 Goldfields is an exploration and development company focused on finding gold deposits in Guyana. The team behind G2 has played a crucial role in discovering over 10 million ounces of gold in the well-known Guiana Shield region, solidifying its reputation for excellence in exploration.
All scientific information in this update has been scrutinized and approved by the company’s CEO, offering confidence in its accuracy and relevance to shareholders and potential investors.
Frequently Asked Questions
What is the G3 spin-out?
The G3 spin-out involves transferring non-core properties from G2 Goldfields to G3 Goldfields, allowing greater focus on core projects.
How will the spin-out affect G2 shareholders?
G2 shareholders will receive shares in G3 based on their holdings in G2, potentially increasing their overall investment value.
What assets are included in the spin-out?
The spin-out will include several properties, including the Tiger Creek and Peters Mine properties, enhancing G3's asset base.
When will the shareholder meeting take place?
The annual general and special meeting is planned for late November to vote on the spin-out and other matters.
Where can I find more information about G2 Goldfields?
Additional details regarding G2 Goldfields and its projects can be accessed through their official website.
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