Sassy Resources Corporation announced that its spinout company, Gander Gold Corporation, has been approved for listing by the British Columbia Securities Commission and the Canadian Securities Exchange (CSE), with its shares expected to begin trading on the CSE on March 8, 2022, under the symbol ‘GAND’.
Gander Gold's assets consist of eight gold-focused projects covering 2,257 square kilometres in Newfoundland, making Gander one of the largest claim holders in the Canadian province.
“Gander Gold starts its new life as a public company with eight highly prospective Newfoundland projects already generating very positive early stage exploration results,” Sassy Resources (CSE:SASY, OTCQB:SSYRF) and Gander Gold CEO Mark Scott said in a statement.
READ: Sassy Resources expands Westmore gold-silver discovery with “highest grades yet” at its Foremore project in British Columbia
“Gander Gold also features a strong cash position, no debt and a tight public float,” Scott added.
Sassy noted that Gander Gold will have 73,193,721 issued and outstanding when it begins trading, of which only 21,830,368 will be free trading due to Gander Gold's share structure along with regulatory escrow requirements for insider individuals and entities and four-month holds placed on recent annual share issuances made pursuant to Gander's four option agreements in Newfoundland.
It added that Sassy will own a total of 44,162,056 Gander shares, of which 8,833,333 will be distributed to Sassy shareholders of record at the close of business on February 1, 2022.
Sassy shareholders will receive one Gander share for every 5.8 Sassy shares held. The distribution will occur in two separate transactions; the first of which will occur on or around the listing date of March 8, while the final tranche will be distributed on the six-month anniversary of the listing date.
Sassy Resources (CSE:SASY, OTCQB:SSYRF) is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal, base metal, and uranium projects in North America.
Its focus is the Foremore project located in the Eskay Camp, Liard Mining Division, in the heart of northwest British Columbia’s prolific Golden Triangle, the Central Newfoundland Gold Belt where the company is one of the district’s largest landowners, and the recently-acquired option on the Highrock uranium project in the Key Lake region of Saskatchewan’s Athabasca Basin.
Contact Sean at sean@proactiveinvestors.com