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BRIEF-Columbus announces spin-out and Nevada drilling update

Published 2017-07-21, 08:18 a/m
© Reuters. BRIEF-Columbus announces spin-out and Nevada drilling update
Columbus Gold Corp
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July 21 (Reuters) - Columbus Gold Corp CGT.TO

* Columbus announces spin-out and Nevada drilling update

* Intends to spin-out its mineral projects in United States into a separate publicly traded company

* Spin-out mineral projects in United States into a separate publicly traded company to be named Allegiant Gold Ltd

* Intent of listing allegiant on TSX venture exchange

* Spin-out to be effected by way of a plan of arrangement; shareholders of co receive 1 share of allegiant for every 5 shares of co

* Intention is for a private placement to be completed concurrently with plan of arrangement

* Notwithstanding receipt of all requisite approvals, directors of co reserve right to elect to not to proceed with plan of arrangement

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