G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF, FRA:W97) and G2 Goldfields Inc (TSX-V:GTWO, OTCQX:GUYGF) said the parties are working through the remaining closing conditions for their proposed plan of arrangement, which are expected to be completed by the end of July 2026.
Under the arrangement, GMIN will acquire all issued and outstanding G2 shares, and G2 will complete the spin-out of G3 Goldfields.
Closing of the arrangement will follow shortly after the conditions are met, with the effective date to be announced by the company.
“We remain fully committed to closing the acquisition and creating a tier-one gold mining hub in Guyana and one of the largest, lowest-cost gold operations in the Americas,” Louis-Pierre Gignac, CEO of GMIN said in a statement.
Under the terms of the arrangement, holders of G2 shares will receive 0.212 of a common share of GMIN and 0.5 of a common share of G3 for each G2 share held as of the close of business on the business day immediately prior to the effective date.
Following closing, G2 shares are expected to be de-listed and to cease being quoted on the OTCQX. G2 will also apply to cease to be a reporting issuer under applicable Canadian securities laws.
G3 has applied to list its shares for trading on the Canadian Securities Exchange following completion of the arrangement, subject to G3 meeting the CSE's listing requirements.