Liberty to spin out US antimony discovery into Specialty American Metals
Toronto-listed Liberty Gold has announced the spin-out of its subsidiary that holds its recent antimony discovery in south-western Utah into a new vehicle to be named Speciality American Metals.
The proposed spin-out will be implemented through a plan of arrangement between Liberty and the new entity. Under the arrangement, a portion of Specialty American’s shares will be distributed to Liberty shareholders, with the exact ratio still to be determined.
Liberty will also retain a stake in the new company in return for its previous investment in the Goldstrike project.
If the transaction is completed, Liberty shareholders will own shares in two distinct companies: Liberty, focused on developing the Black Pine oxide gold project in Idaho; and Specialty American, which will target growth in the US specialty metals space, anchored by the Antimony Ridge discovery at the Goldstrike project.
“Specialty American will be dedicated to unlocking the value of Antimony Ridge and will be well-positioned to pursue growth transactions in the specialty metals sector in the US,” said Liberty CEO Cal Everett.
Russell Starr has been appointed CEO of Specialty American, with Liberty’s VP of exploration, Peter Shabestari, taking on the role of president. Liberty CFO Joanna Bailey will serve as finance chief for both companies.
Further, Everett and Liberty director Greg Etter will join Specialty American's board.
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