Element79 Gold Corp- a mining company focused on gold, silver and associated metals, announces that it has approved the transfer of all rights and data related to the Dale property, a gold exploration project in Ontario, Canada to its newly-created, wholly-owned subsidiary, Synergy Metals Corp. The Company also plans to spin out and sell Synergy Metals through a Plan of Arrangement.
“The transfer of the Dale property to Synergy Metals will help unlock the property’s true value and potential while allowing the Company to continue focusing on its core assets,” said James Tworek, President and CEO of Element79.
“The anticipated spin out and sale of Synergy Metals will also provide additional capital for the Company’s growth and offer Element79’s shareholders an opportunity to participate in a new independent exploration-focused company with a promising gold project.”
Further details on the proposed transaction will be announced in due course, including the timing, valuation, and distribution of Synergy Metals shares to Element79 shareholders. The transaction is subject to regulatory approval and other customary CSE requirements.
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