Canadian miner Liberty Gold has announced plans to spin out its wholly owned subsidiary, which currently holds the Goldstrike Project and Antimony Ridge discovery, into a new company named Specialty American Metals.
This move aims to create two focused entities, with Liberty Gold concentrating on its Black Pine Oxide gold project in Idaho.
Specialty American will focus on US-based specialty metals, led by the Antimony Ridge discovery at the Goldstrike Project in Utah.
The proposed spin-out is structured through a plan of arrangement between Liberty Gold and Specialty American, pending customary approvals such as shareholder, regulatory and court consent.
Under the planned arrangement, Liberty Gold shareholders will receive a portion of Specialty American’s common shares, with the distribution ratio to be established later.
Shareholders of Liberty Gold will have equity in both Liberty Gold and Specialty American upon completion of the arrangement.
Additionally, Liberty Gold will maintain a stake in Specialty American in return for its previous investment in the Goldstrike Project.
Liberty Gold’s CEO and director Cal Everett and director Greg Etter have agreed to join Specialty American’s board, and suitable independent candidates were identified for the remaining positions.
Everett said: “The spin-out of the Antimony Ridge discovery from Liberty Gold into Specialty American Metals will provide a new vehicle for shareholders that will be dedicated to unlocking the value potential of Antimony Ridge and is well positioned to pursue further growth transactions in the specialty metals space in the US.”
Russell Starr will become the CEO of Specialty American, Liberty Gold’s vice-president of Exploration Peter Shabestari will join as president and Liberty Gold’s Joanna Bailey will continue as CFO.
Liberty Gold achieved key permitting milestones for the Black Pine project in November 2024.
“Liberty Gold to spin out specialty metals unit as new US-focused company” was originally created and published by Mining Technology, a GlobalData owned brand.
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