Golden Independence and Hilo Mining Complete Spin-Out
Golden Independence and Hilo Mining
Complete Spin-Out
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2021) - Golden Independence Mining
Corp. (CSE: IGLD) ("
Golden
") and Hilo Mining Ltd. ("
Hilo
") are pleased to announce that they have
completed their previously announced spin-out transaction (the "
Spin-Out
") involving common shares of
Hilo ("
Hilo Shares
").
In accordance with the terms of the arrangement agreement between Golden and Hilo, 1,000,000 Hilo
Shares have been distributed and holders of common shares of Golden received 01594764 of a Hilo
Share for each common share of Golden held by such holder.
Golden shareholders do not need to take
any action to receive their Hilo Shares.
Further details on the Spin-Out are contained in Golden's news
release date November 5, 2021. As a result of the Spin-Out, Hilo is now a "reporting issuer" in British
Columbia, Alberta and Ontario but is not currently listed on a stock exchange. There are currently
1,500,000 Hil0 common shares issued and outstanding.
Hilo is an exploration company currently focused on the Champ Property located in the Greenwood
Mining District of British Columbia, near Castlegar, British Columbia. The Chief Executive Officer of Hilo
is Jeremy Poirier and the Chief Financial Officer is Lachlan McLeod. Hilo intends to seek a listing on the
TSX Venture Exchange as
Tier 2 Mining Issuer.
Hilo also announces that it is completing a non-brokered private placement of up to 6,666,667 common
shares at a price of $0.15 per common share to raise gross proceeds of up to $1,000,000 (the "
Private
Placement
"). The net proceeds of the Private Placement will be used for working capital (including
expenses associated with seeking a listing on the TSX Venture Exchange) and exploration of the
Champ Property.
Early Warning Disclosure
In accordance with the early warning reporting provisions of applicable securities laws, Hilo is providing
the following information regarding shareholders who hold in excess of 10% of the outstanding Hilo
Shares on an undiluted and partially diluted basis.
Gino Demichele ("Demichele"), of 211 Church Ranches Way, Calgary, AB T3R 1B2 currently holds
500,000 Hilo Shares. The 500,000 Hilo Shares represent approximately 33.3% of the issued and
outstanding Hilo Shares. All of the Hilo Shares were acquired from Golden for cash consideration at a
price of $0.10 per Hilo Share. The aggregate consideration paid for the Hilo Shares was $50,000. The
Hilo Shares were acquired for investment purposes and Demichele may acquire or dispose of
additional Hilo Shares depending on market conditions and/or other relevant factors, subject to
applicable law.
Demichele has filed an early warning report in accordance with National Instrument 62-103 -
The Early
Warning System and Related Take-over Bid and Insider Reporting Issues
which is available on
SEDAR (
www.sedar.com
) under Hilo's issuer profile. To obtain a copy of any of the above referenced
early warning reports please contact Gino Demichele at 403-680-7898.
This press release contains forward-looking information (within the meaning of applicable Canadian
securities legislation) including disclosure regarding a listing of Hilo on the TSX Venture Exchange, the
completion proposed Private Placement and the proposed use of proceeds of the Private Placement
that involve various risks and uncertainties regarding future events. Such forward-looking information
includes statements based on current expectations involving a number of risks and uncertainties and
such forward-looking statements are not guarantees of future performance of Golden or Hilo. There are
numerous risks and uncertainties that could cause actual results and Golden's and Hilo's plans and
objectives to differ materially from those expressed in the forward-looking information in this news
release including, without limitation, Hilo's failure to meet the initial listing requirements of the TSX
Venture Exchange as Tier 2 Mining Issuer, Hilo's inability to locate suitable purchasers for the Private
Placement and the management of Hilo's discretion regarding the use of proceeds of the Private
Placement. Actual results and future events could differ materially from those anticipated in such
information. This forward-looking information is based on estimates and opinions of management on the
date hereof and is expressly qualified by this notice. Neither Golden nor Hilo assume any obligation to
update any forward-looking information or to update the reasons why actual results could differ from such
information unless required by applicable law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/103406