Northern Superior Resources Inc. (TSX-V:SUP, OTCQX:NSUPF) announced it has wrapped up its spinout of ONGold Resources, first announced in July 2023.
ONGold has now acquired Northern Superior's mining projects in Ontario after receiving conditional approval to list its shares on the TSX Venture Exchange.
Shares are expected to start trading under the ONAU ticker symbol on May 3, subject to final TSXV approval.
ONGold now holds full ownership of the Ti-pa-haa-kaa-ning project, the October Gold Property, and other exploration properties previously under Northern Superior's purview.
In return, Northern Superior now boasts a substantial interest in ONGold, holding nearly 35.7 million shares, equivalent to 72.35% of the issued and outstanding shares, which is valued at around $18.2 million.
The spinout of Northern Superior’s Ontario assets allows both companies to unlock the value of the
“world-class” properties, Simon Marcotte, Northern Superior’s CEO told investors.
Marcotte told shareholders that Northern Superior sees “a great opportunity for value creation” as ONGold advances the TPK project.
“ONGold is now well-funded and led by a highly experienced management team,” Marcotte said in a statement.
“Northern Superior will remain a strategic shareholder and support ONGold in the execution of its ambitious strategy."
Rodney Barber, President of ONGold, emphasized the strategic significance of the transaction, viewing it as the initial step towards harnessing the value of the Ontario Assets.