Top 2 Gold Silver Mining Companies to Buy Now Most Nevada

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Blackrock Gold mulling plans to spin out its Silver Cloud property in Nevada into separate company

Earlier this month, the group updated on its maiden drill program at the Tonopah West project in the Walker Lane trend in Nevada

Blackrock Gold Corp -

Silver Cloud was once the group’s flagship property in Nevada

Blackrock Gold Corp (CVE:BRC) said it is mulling plans to spin out its once flagship property Silver Cloud in Nevada into a separate public company to unlock its value.

“With gold hovering near all-time highs and our Tonopah West property dominating the show, we see this as the perfect backdrop ..,” said Andrew Pollard, CEO of Blackrock Gold in a statement on Tuesday.

READ: Blackrock Gold gets second drill rig at Tonopah West; Silver Cloud drilling set for the Fall

“We don’t believe the market is fully valuing the sum of our parts and we see this as the ideal solution to ensure both projects get the attention and command the valuation of which they deserve, with purpose-built teams for each,” he added.

“Not only would this allow Blackrock to streamline its focus towards re-establishing and developing the Tonopah silver district into the tier-one mining complex it once was, it will also allow shareholders to participate in, and benefit from the creation of a new Northern Nevada focused exploration company.”

Earlier this month, the group updated on its maiden drill program at the Tonopah West project in the Walker Lane trend in Nevada, in which it said a second set of assays had delivered a second high-grade discovery.

Management currently envisages Blackrock shareholders receiving one SpinCo Share for every three Blackrock Gold shares held. Blackrock’s shareholders would end up owning shares in both Blackrock and SpinCo in the same proportions.

The SpinCo shares would be subject to resale restrictions with 25% of the SpinCo Shares being released from the restrictions at the time of completion of the spinout and a further 25% being released every four months thereafter, the resource firm said.

Completion of the spin-out will be subject to a number of conditions, including settlement of the board and management team for SpinCo, required shareholder approval, and the listing of the SpinCo Shares on the TSX Venture Exchange, it added.

“There is no certainty that the spinout transaction will be completed on the terms proposed or at all,” it added.

CEO Andrew Pollard will give a live company presentation at the upcoming Precious Metals Summit Beaver Creek on September 16 at 10:45 am EST, the firm also said in the statement.

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