Fosterville South Exploration Ltd. Announces Leviathan Gold Spin-Out
Board of Directors Approves New Company Focused on Australian Gold Exploration
Vancouver, British Columbia - March 12, 2023 Fosterville South Exploration Ltd. (TSXV: FSX) (OTCQX: FSXLF) ("Fosterville South" or the "Company") is pleased to announce that its Board of Directors has approved the spin-out of a new company, Leviathan Gold Limited ("Leviathan Gold"), to be focused on gold exploration in Australia.
Leviathan Gold will be led by an experienced team of mining professionals with a proven track record of success in the gold industry. The company will initially focus on exploring and developing its high-grade gold projects in the Victorian Goldfields of Australia, including the Tarnagulla Project and the Stawell Project.
Fosterville South shareholders will receive one common share of Leviathan Gold for every two common shares of Fosterville South held on the record date, which is expected to be in April 2023. The spin-out is expected to be completed in the second quarter of 2023, subject to regulatory approvals and other customary closing conditions.
"The spin-out of Leviathan Gold is a strategic move that will allow both Fosterville South and Leviathan Gold to focus on their respective core businesses and unlock value for our shareholders," said James McGibbon, President and CEO of Fosterville South. "Leviathan Gold will have a strong portfolio of gold projects in a Tier 1 mining jurisdiction, and we are confident that the experienced management team will be able to create significant value for our shareholders."
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