Majority Owned Subsidiary High Tide To Become Public Company
Avidian Gold Corp.’s (TSXV:AVG) (OTCQB:AVGDF) majority owned subsidiary, High Tide Resources Corp., intends to become a reporting issuer and list its common shares on a recognised Canadian stock exchange.
In connection with the Listing the company will distribute to its shareholders approximately 30% of the total number of High Tide common shares the Ccmpany holds.
The company will hold a special meeting of shareholders September 7th, 2021 to see approval for the spin out.
High Tide Subscription Receipt Financing
In connection with the Listing, High Tide will undergo a non-brokered private placement offering for aggregate gross proceeds of up to $750,000 through the issuance of subscription receipts of the company
The exchange of Subscription Receipts for Units will occur upon (a) the receipt of written confirmation from a recognised Canadian stock exchange that all condition’s precedent to the Listing has been satisfied, and (b) the Listing to occur within six months of the closing date of the Offering. The closing date of the Offering is expected to be on or around September 14, 2021.
The proceeds from the Offering will be held in escrow until satisfaction of the Escrow Release Conditions, at which time such proceeds will be released to High Tide. High Tide intends to use the gross proceeds of the Offering primarily for exploration and development activities at its flagship Labrador West Iron Ore Property near Labrador City, Newfoundland, as well as for general corporate purposes.
No common shares or any other securities of the Company will be issued pursuant to the Offering.
Avidian brings a disciplined and veteran team of project managers together with a focus on advanced stage gold exploration projects in Alaska. Avidian’s Golden Zone project hosts a NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an Inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au).
Additional projects include the Amanita and the Amanita NE gold properties which are both adjacent to Kinross Gold’s Fort Knox gold mine in Alaska, and the Jungo gold/copper property in Nevada.
High Tide is a private corporation that is focused on, and committed to, the development of advanced-stage mineral projects in Canada using industry best practices combined with a strong social license from local communities.
High Tide is earning a 100% interest in the Labrador West Iron Project located adjacent to IOC/Rio Tinto’s 23 mtpy Carol Lake Mine in Labrador City, Labrador and owns a 100% interest in the Lac Pegma Copper-Nickel-Cobalt deposit located 50 km southeast of Fermont, Quebec.
For further information please visit: http://avidiangold.com/