(TheNewswire)
Vancouver, Canada – TheNewswire - October 5, 2022 – Nexus GoldCorp. (“ Nexus Gold ” or the “ Company ”)(TSXV:NXS ) , ( OTC:NXXGF ) , ( FSE:N6E) is pleased to announce the effective date for itspreviously announced spinout (the “ Spinout ”) of theCompany's Canadian projects (including the McKenzie Gold Project,located in Red Lake, Ontario) by way of the distribution of the sharesof its subsidiary Nexus Metals Corp.(“ Nexus Metals ”) to the shareholders of the Company through a statutoryplan of arrangement (the “ Arrangement ”). The Arrangement is expectedto take effect at 12:01 a.m. on October 12, 2022 (the “ Effective Date ”).
Pursuant to the terms of the Arrangement, holders ofcommon shares of the Company (the “ Existing Nexus Gold Shares ”)at the Effective Date will receive one new common share of the Company(each, a “ New Nexus GoldShare ”) in exchange for each Existing NexusGold Share they hold (on a one for one basis) and will receive 1/7 ofone Nexus Metals share (each, a “ Nexus Metals Share ”). The New Nexus Gold Shares are expected to commencetrading on the TSX Venture Exchange at the market open on October 14,2022, under the new CUSIP 65345J105 .
The registered shareholders of the Company (the“ Shareholders ”) will receive a letter of transmittal (each a“ Letter ofTransmittal ”) with respect to the Arrangementwith information on how to surrender certificates representing theExisting Nexus Gold Shares to the Company’s depositary,Computershare Investor Services Inc. (“ Computershare ”).All Shareholders who submit a duly completed Letter of Transmittalalong with their respective share certificate(s) to Computershare,will receive a certificate or a DRS statement representing the NewNexus Gold Shares and the Nexus Metals Shares to which they areentitled. Shareholders whose Existing Nexus Gold Shares areregistered in the name of an intermediary (such as a broker,investment dealer, bank, or trust company) do not have to take anyaction and will receive their New Nexus Gold Shares and Nexus MetalsShares through such intermediary.
Further information regarding the Arrangement and theSpinout is available in the Company’s management informationcircular dated June 7, 2022, a copy of which is available under NexusGold’s profile on SEDAR at www.sedar.com .
Nexus Metals is in the process of applying to have theNexus Metals Shares listed on the Canadian Securities Exchange (the“ CSE ”). Listing approval will be subject to Nexus Metalssatisfying all of the listing conditions of the CSE.
The Spinout is intended to allow the Company tosegregate its assets for the purpose of more focused marketing andfinancing opportunities. Following the Spinout, the Company willcontinue to develop international opportunities, while Nexus Metalswill focus on the Canadian exploration projects.
The Company also advises it is continuing with its duediligence process regarding the acquisition of one or more projectsfor both Nexus Metals and Nexus Gold. The Company is focused onadding Canadian-based energy/battery metals (i.e., lithium, copper,nickel, etc.) projects to Nexus Metals, while continuing to focus oninternational precious metals projects in Nexus Gold. Projectportfolios of Nexus Metals and Nexus Gold willbe adjusted over time to reflect the more specific focus of eachcompany.
About the Company
Nexus Gold is a Canadian-based gold exploration anddevelopment company with an extensive portfolio of projects in Canadaand West Africa. Upon completion of the Arrangement, the Companywill continue development of assets in West Africa in addition tobroadening its scope to other jurisdictions.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
NEXUS GOLD CORP.
Alex Klenman
President & CEO
604-558-1920
info@nexusgoldcorp.com
www.nexusgoldcorp.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements. These statements are based on currentexpectations and assumptions that are subject to risks anduncertainties. Actual results could differ materially because offactors discussed in the management discussion and analysis section ofour interim and most recent annual financial statement or otherreports and filings with the TSX Venture Exchange and applicableCanadian securities regulations. We do not assume any obligation toupdate any forward-looking statements, except as required byapplicable laws.
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