Columbus Provides Update on the Share Distribution Record Date for the Allegiant Spin-out
December 06 2017 - 2:15PM
Columbus Gold Corp. (TSX:CGT) (OTCQX:CBGDF)
provides an update on the anticipated date of the Share
Distribution Record Date, which determines the date upon which
shareholders of record will be entitled to receive 1 (one) share of
Allegiant Gold Ltd., for every 5 (five) shares they own of Columbus
Gold.
Columbus reported in its press release of
November 7, 2017 that the Share Distribution Record Date, was
anticipated to be December 11, 2017, but may be later depending
upon the timing of regulatory approvals.
Columbus has satisfied the majority of
conditions which would enable it to set the Share Distribution
Record Date, including shareholder approval and Supreme Court
approval of the ALLEGIANT spin-out Arrangement. The principal
outstanding conditions are the closing of the ALLEGIANT private
placement anticipated for Friday December 8th, conditional
acceptance of the TSX to the Arrangement and conditional approval
of the TSX-V to list ALLEGIANT.
Columbus will provide an update next week on the
status of the outstanding regulatory approvals and conditions.
Only shareholders of record as at the
Share Distribution Record Date will be entitled to receive shares
of ALLEGIANT in the spin-out. Shareholders who sell their
shares prior to the Share Distribution Record Date will not be
entitled to receive shares of ALLEGIANT.
About Columbus Gold
Columbus is a leading gold exploration and
development company operating in French Guiana, France, and in
Nevada. Columbus holds a major interest in the world-class Montagne
d'Or gold project in French Guiana for which a Feasibility Study
was completed in May 2017, and which is currently in the permitting
stage. In Nevada, Columbus is advancing its Eastside gold
project. Eastside has outstanding infrastructure for mining and
processing, and preliminary metallurgical testing indicates that
gold and silver at Eastside are amenable to cyanide leaching.
Columbus has received shareholder and Supreme Court approvals to
spin-out its US property portfolio, which includes Eastside and 13
other properties, into a new company called Allegiant Gold Ltd.
ON BEHALF OF THE BOARD,
Robert F. GiustraChairman & CEOFor more
information contact:
Investor
Relations604-634-09701-888-818-1364info@columbusgold.com
This release contains forward-looking
information and statements as defined by law including, without
limitation, Canadian securities laws and the "safe harbor"
provisions of the US Private Securities Litigation Reform Act of
1995 ("forward--looking statements"), respecting Columbus' plans to
spin-out its subsidiary Allegiant Gold Ltd. which is intended to be
listed on the TSX Venture Exchange, Columbus’ intention to set a
record date to receive a share of Allegiant Gold Ltd., for every
five shares of Columbus, and Columbus’ plans to complete a private
placement. Forward-looking statements involve risks,
uncertainties and other factors that may cause actual results to
materially differ from those expressed or implied by the
forward-looking statements including that the spin-out may not be
completed as planned or at all due to failure to obtain regulatory
approval to the spin-out, or the inability to raise sufficient
capital to adequately fund Allegiant. Forward-looking
statements are based on the opinions and estimates of management at
the date the statements are made and a number of assumptions that
may prove to be incorrect, including, without limitation,
assumptions about general business and economic conditions, the
timing and receipt of required approval and continued availability
of capital and financing. Readers are cautioned not to place undue
reliance on the forward-looking statements contained herein. The
foregoing list is not exhaustive and Columbus undertakes no
obligation to update any of the foregoing except as required by
law.