Fosterville South Updates on Annual General and Special Meeting Interim order regarding Leviathan Gold spinout transaction received
Fosterville South Updates on Annual General and Special
Meeting
Interim order regarding Leviathan Gold spinout transaction received
November 13, 2020
set as definitive date for the Meeting to approve spinout
Proposal is that for every common share held of Fosterville South Exploration, shareholders in all jurisdictions
will receive a common share of Leviathan Gold Corp.
VANCOUVER, BC
,
Oct. 13, 2020
/CNW/ - Fosterville South Exploration Ltd. ("
FSX
" or the "
Company
") (TSXV: FSX) (OTC:
FSXLF) (
Germany
: 4TU) announces that the annual general and special meeting of shareholders of the Company (the
"
Meeting
") scheduled for
October 16, 2020
to, among other things, consider and, if thought fit, approve a special resolution
with respect to an arrangement (the "
Arrangement
") pursuant to which the Company will spin-out its Avoca and Timor
properties into a newly listed vehicle has been rescheduled to November 13, 2020 at
9:30 a.m.
(
Vancouver
time).
Subject to obtaining the final approval of the Court ("
Final Court Approval
") following the Meeting, the Company expects
the effective date of the Arrangement to occur approximately five business days following the receipt of the Final Court
Approval. Following the Meeting, the Company will issue a press release advising Shareholders of the Effective Date.
The meeting is rescheduled as a result of the time required to obtain the necessary approvals for the transaction, including
the interim approval of the Court in respect of the Arrangement and the mailing to shareholders of the related materials for
the Meeting.
FSX Chief Executive Officer,
Bryan Slusarchuk
, states,
"Flowing the benefits of our first mover status in this new
Victoria
exploration boom directly to Fosterville South shareholders was a deliberate decision and we are pleased that we now
have a definitive date set for the Meeting seeking approval to do so, via the spinout of our Avoca and Timor projects.
Fosterville South has approximately CAD
$28.3 million
in cash currently, which is more than we had at the start of our
ongoing exploration efforts, due to warrant exercises. We are drilling at Golden Mountain where results to date have been
outstanding, are targeting a near term start up of drilling at our Lauriston project and now have a firm date for the meeting
to confirm our spinout action for Avoca and Timor."
The record date for the Meeting has also been changed from
September 3, 2020
to
October 2, 2020
. The location and time
of the Meeting is unchanged. The Company has filed an updated Notice of Meeting and Record Date, accessible on the
Company's profile on SEDAR at
www.sedar.com
. Additional information with respect to the Meeting and the matters to be
considered thereat, including the Arrangement, will be detailed in the Meeting materials, which are expected to be mailed to
shareholders and concurrently filed on SEDAR in mid-October.
About Fosterville South Exploration Ltd.
Fosterville South has two large, 100% owned, high-grade epizonal gold projects called the Lauriston and Golden Mountain
Projects, a large group of tenement applications called the Providence Project and a large group of recently consolidated
tenement applications called the Walhalla Belt Project, all in the state of
Victoria, Australia
. The Fosterville South land
packaged, assembled over a multi-year period, notably includes a 600 sq. km property immediately to the south of and
within the same geological framework that hosts
Kirkland Lake Gold's
Fosterville
tenements. Additionally, Fosterville South
has gold-focused projects called the Moormbool, Timor and Avoca Projects, which are also located in the state of
Victoria,
Australia
.
Six of Fosterville South's properties (Lauriston,
Providence
, Golden Mountain, Timor, Avoca and Walhalla Belt) have had
historical gold production from hard rock sources despite limited modern exploration and drilling.
On behalf of the Company,
Bryan Slusarchuk
, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority
has either approval or disapproved of the contents of this press release.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date
of this news release, including with respect to the date of the Meeting and the expected date for mailing of Meeting
materials. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not
guarantees of future performance. FSX cautions that all forward looking statements are inherently uncertain and that actual
performance may be affected by many material factors, many of which are beyond their respective control. Such factors
include, among other things: risks and uncertainties relating to listing a new vehicle on the TSXV. Accordingly, actual and
future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed
or implied in the forward-looking information. Except as required under applicable securities legislation, FSX does not
undertake to publicly update or revise forward-looking information.
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SOURCE
Fosterville South Exploration Ltd.
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%SEDAR: 00048753E
For further information:
please visit the Company website www.fostervillesouth.com or contact: Adam Ross, Investor
Relations, Direct: (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]
CO: Fosterville South Exploration Ltd.
CNW 08:00e 13-OCT-20