White Gold secures court approval for critical minerals spin-out

White Gold has received approval from the Ontario Superior Court of Justice to proceed with the spin-out of its critical minerals properties located in the Yukon district to a new entity, W2 Critical Minerals Corp.

As part of the arrangement, W2 Critical Minerals has upsized its non-brokered private placement financing from C$5 million to C$10 million. Subscription receipts are being sold at C$0.25 each, with funds held in escrow until the spin-out closes. Once finalized, White Gold will retain approximately 19.9% of W2, while the remaining shares will be distributed to White Gold shareholders as a dividend-in-kind at a rate of one W2 share for every five White Gold shares held.

CEO David D’Onofrio stated that the critical mineral assets have undergone over a decade of exploration and now require the dedicated capital and strategy that W2 will provide. Concurrently, White Gold continues its gold exploration programs, including diamond drilling at the VG East extension zone and the Golden Saddle 2.0 target.