Nevada King Completes Spinout Of All Non-Core Claims In Nevada
Nevada King Gold (TSXV: NKG) has completed the spin out of its non-core assets in Nevada, establishing what is referred to as NV King Goldlands in the process.
The spin out is part of what the company refers to as a strategic reorganization of the business, which resulted in Nevada King only retaining the Atlanta Gold Mine property in its portfolio. The aim of the transaction was for management to “unlock” value from the company’s large land package.
On a post-transaction basis, NV King is believed to be the third largest claimholder in the state. Projects included in the portfolio include the Lewis, Horse Mountain-Mill Creek, and Iron Point projects, while the company also holds a 3.0% NSR royalty on all gold and silver production from Nevada King’s Atlanta project.
READ: Nevada King To Focus On Atlanta Gold Project, Spinout All Other Assets
The transaction resulted in Nevada King Gold shareholders receiving one thirtieth of a NV Goldlands common share for each share of Nevada King held at the time of closing. The company is not expected to be listed on a public stock exchange at this time, however it will be a reporting issuer.
Nevada King last traded at $0.385 on the TSX Venture.
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