TSX-V-listed Fosterville South has unveiled a transaction to spin out its Avoca and Timor tenements, in Australia’s Victoria, to Leviathan Gold, following which the new company will undertake an equity financing to fund the exploration, advancement and development of projects.
Leviathan, to be led by Luke Norman, will list on the TSX-V and will seek to raise at least $5-million.
Each Fosterville South shareholder will receive one share of Leviathian for each share held.