Fosterville South Exploration Ltd has announced that the company’s cash position has grown to approximately CAN$30.35 million, largely due to recent warrant exercises.
With CAN$30.35 million in cash on hand, the company is in a strong position to accelerate drilling and other exploration activities on multiple projects.
Currently, Fosterville South is drilling at the Golden Mountain project, where results to date have been excellent, is preparing to drill at Lauriston and has 12 different drill permit applications in progress spanning 5 separate Fosterville South projects.
Separately, Fosterville South completed the spinout of Leviathan Gold Ltd to the shareholders of Fosterville South by way of plan of arrangement (the arrangement). Pursuant to the arrangement, each existing common share of the company was exchanged for (i) one new common share of the company and (ii) one common share of Leviathan.
Leviathan recently announced a CAN$7.5 million subscription receipt financing which was significantly oversubscribed due to strong institutional interest. After performing cutbacks, Leviathan Gold upsized the financing to CAN$9.99 million and then closed the books, on the same day of launch, as reported on 19 November 2020.
Leviathan Gold will target to commence trading in December 2020 with a strong treasury, excellent projects and an experienced management team with a proven track record at creating shareholder value in the sector.
The Leviathan Gold website launch will occur concurrent with trade date while the stock symbol for Leviathan Gold is anticipated as LVX:TSX Venture Exchange. List of the common shares is subject to TSX Venture Exchange approval.
Post-warrant exercises, Fosterville South has 67 907 831 common shares issued and outstanding.
Read the article online at: https://www.globalminingreview.com/finance-business/24112020/fosterville-south-completes-spinout-of-leviathan-gold-ltd/