- NSGold shareholders to receive one share of NSX Silver for each share of NSGold held at the close of business on March 16, 2012
- NSX Silver to commence trading on TSX Venture Exchange on March 14, 2012
- Share distribution will complete "spin-out" of NSX Silver
VANCOUVER, March 8, 2012/CNW/ - NSGold Corporation (TSXV: NSX) and NSX Silver Inc. (TSXV: NSY) are pleased to announce that the Board of Directors of NSGold has approved the distribution by NSGold to its shareholders of a total of 43,413,767 common shares of NSX Silver and set March 16, 2012 as the record date for the share distribution. The share distribution will complete the "spin-out" by NSGold to its shareholders of the shares of its wholly-owned subsidiary NSX Silver.
It is expected that the common shares of NSX Silver will commence trading on the TSX Venture Exchange on Wednesday, March 14. The trading symbol for NSX Silver is "NSY".
NSGold shareholders will receive one common share of NSX Silver for each share of NSGold held at the close of business on March 16, 2012. After the distribution, NSGold will hold approximately 2,015,000 shares of NSX Silver. The distribution by NSGold of the 43,413,767 common shares of NSX Silver will not affect NSGold's issued and outstanding shares.
NSGold's registered shareholders will receive share certificates representing their NSX Silver shares by mail shortly after the March 16, 2012 record date. NSGold's beneficial shareholders should contact their securities dealers regarding receipt of their NSX Silver shares.
As previously announced, in connection with the share distribution, NSX Silver filed a final prospectus dated February 28, 2012 with the securities commissions of each of the provinces of Canada. The prospectus is available under NSX Silver's company profile on SEDAR at www.sedar.com.
About NSX Silver
NSX Silver was incorporated in August 2011 as a wholly-owned subsidiary of NSGold, with the intention of taking over the Mexican properties owned, and silver exploration activities in Mexicocurrently carried on, by NSGold, so that NSGold can devote itself solely to exploration for gold and other metals, primarily in Canada.
Prior to the distribution record date, NSX Silver will indirectly acquire the Dios Padre, Don Carlosand Alejandro mining concessions in Mexicofrom NSGold, which comprise NSGold's sole Mexican exploration properties. NSX Silver has acquired, and intends to acquire, additional interests in exploration properties in Mexico.
About NSGold
NSGold Corporation is a mineral exploration company actively exploring for gold in Nova Scotia, Canada. NSGold's principal property is the Mooseland gold property, located in Nova Scotia. NSGold's shares are listed on the TSX Venture Exchange under the symbol NSX.