Starcore Announces Spin-Out of African Properties

Core Viewpoint - Starcore International Mines Ltd. plans to spin out its exploration interests in Côte d'Ivoire to a wholly-owned subsidiary, EU Gold Mining Inc., allowing the company to focus on its Mexican gold and silver assets while EU Gold develops the African properties [1][2][3]. Group 1: Spin-Out Details - The spin-out will involve transferring all mineral property assets in Africa to EU Gold, which will seek a separate listing in Canada [2]. - EU Gold will assume all liabilities related to the African properties and will issue one common share for every two shares of Starcore, resulting in Starcore receiving approximately 33,431,758 shares of EU Gold to distribute to its shareholders [3]. Group 2: Management and Strategy - The goal of the spin-out is to maximize shareholder value by allowing each entity to focus on its major assets, with EU Gold expected to attract new management experienced in African diplomacy and culture [3]. - Starcore's management will concentrate on its existing operations in Mexico, enhancing its focus on precious metals production [5]. Group 3: Regulatory and Approval Process - The Plan of Arrangement for the spin-out is subject to shareholder and regulatory approvals [4].