VANCOUVER, B.C., November 11, 2022 – Tudor Gold Corp. (TSXV: TUD) (Frankfurt: TUC) (“Tudor Gold” or the “Company“) and Goldstorm Metals Corp. (TSXV: GSTM) (“Goldstorm“) are pleased to announce that the parties closed their previously announced spin-out arrangement, by way of a court-approved statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement“) on November 10, 2022.
In accordance with the Arrangement, among other things:
- Tudor Gold shareholders on record as of November 10, 2022, received approximately 0.251 of a common share of Goldstorm (a “Goldstorm Share“) for every one common share of Tudor Gold held; and
- Goldstorm acquired the Crown Property, consisting of six contiguous mineral properties located in the Golden Triangle Area in northwestern British Columbia in consideration for Goldstorm issuing 49,847,967 Goldstorm Shares to the Tudor Gold shareholders.
As a result of the Arrangement, Goldstorm ceased to be a wholly-owned subsidiary of Tudor Gold, and shareholders of Tudor Gold became shareholders of Goldstorm. Additionally, the Goldstorm Shares were listed on the TSX Venture Exchange (the “TSXV“) under ticker symbol “GSTM” as at the close of business on November 10, 2022. The Goldstorm Shares have been halted and are expected to resume trading on or about November 11, 2022, subject to final TSXV approval.
Tudor Gold retains its remaining assets and working capital and will continue as a precious and base metals exploration and development company.
For additional details on the Arrangement, please refer to Tudor Gold’s management information circular dated August 3, 2022, and the Company’s news releases dated July 13, 2021, February 1, 2022, July 8, 2022, August 4, 2022, August 10, 2022, August 30, 2022, September 23, 2022 and November 7, 2022, in each case available under Tudor Gold’s profile on www.sedar.com.
Letter of Transmittal
The Tudor Gold shareholders registered as of November 10, 2022, will receive, or have already received, a letter of transmittal (each a “Letter of Transmittal“) with information on how to surrender their respective share certificates or DRS statement(s) representing their pre-Arrangement common shares of Tudor Gold (the “Old Tudor Shares“) to the Company’s transfer agent, Computershare Investor Services Inc. (“Computershare“). All Tudor Gold shareholders who submit a duly completed Letter of Transmittal along with their respective share certificate(s) or DRS statement(s) representing the Old Tudor Shares to Computershare will receive a certificate or DRS statement(s), as applicable, representing the post-Arrangement common shares of Tudor Gold and Goldstorm Shares. Tudor Gold shareholders who hold their Old Tudor Shares through an intermediary are encouraged to contact their intermediaries if they have any questions.
For further information, please visit the Company’s website at www.tudor-gold.com or contact:
Chris Curran
Head of Corporate Development and Communications
Phone: (604) 559 8092
E-Mail: chris.curran@tudor-gold.com
Carsten Ringler
Head of Investor Relations and Communications
Phone: +49 151 55362000
E-Mail: carsten.ringler@tudor-gold.com