RE:News Release Thanx for all the informative posts the past couple of weeks, especially the banter between savinfamily and braindeadoldguy ... much appreciated.
Good to see the previously mentioned strong interest in the financing of Leviathan by Bryan Slusarchuk in an recent interview was proven up today with nearly double the original $5 million coming into Leviathan.
I have also noted that there has been an increasing cash balance being reported, (now $30 million up from last stated $28.5 million), over the past few weeks as the warrants from the April financing continued to be exercised in advance of the spin off transaction.
".....Fosterville South has approximately CAD $30 million in cash, is drilling at the Golden Mountain project where results to date have been excellent, is preparing to drill at Lauriston and has 12 drill permits in progress spanning 5 different projects ......" On Oct 28 there were 63,600,037 share issued and outstanding, as of today's news there are now
67,566,061 shares O/S. Almost an additional 4 million shares .... equivalent to 8 million half warrants exercised .... roughly $8 million cash.
Based on June 30 Financial Statements there were 6,513,458 full warrants exerciseable at $2.00, and 62,621,342 shares issued and outstanding on that date. Appears that maybe 568,739 full warrants weren't exercised as of today ... maybe exercised today for another ~$1 million in cash ? A few weeks ago someone was speculating about whether or not the July 21 2020 financing paper would be eligible for this spin-off ...
https://fostervillesouth.com/fosterville-south-closes-oversubscribed-7-85-million-financing/ Those shares don't become free trading until Nov 22 202, and with the 2 day closing from date of purcahse, I blelieve today was the last day to get in the spin-off . Also, ith the latest announcement this evening ........
"....... pursuant to the terms of an arrangement agreement dated Oct. 1, 2020, among the company, Leviathan Gold Ltd. (Spinco), a wholly owned subsidiary of the company, and Leviathan Gold Finance Ltd., and the plan of arrangement set out therein. Court approval of the plan of arrangement was obtained on Nov. 17, 2020. the TSX Venture Exchange has been advised that all conditions precedent to completion of the plan of arrangement have been satisfied and that the plan of arrangement will be effected at 6 a.m. Vancouver time on Monday, Nov. 23, 2020...... " .... the shares from the July 21 financing won't even be eligible for trading until after the effective time on Monday..... won't be any selling pressure from those shares becoming free trading on Monday, as the issue price was $4.00 and the attached warrants are exerciseable at $4.95, well out of the money for the present moment.
Now, let's see what Golden Mountain has for the next assay results, should be announced soon .... maybe next week ?
When does Lauriston drilling commence ... ???
;-)
GLTA !!