Core Viewpoint - Great Pacific Gold Corp. has successfully completed the spin-out of Walhalla Gold Corp., distributing shares of Walhalla to its shareholders, thereby enhancing its strategic focus on gold projects in Australia [1][2][3]. Group 1: Spin-Out Details - The spin-out was executed under an arrangement agreement, allowing shareholders to receive one common share of Walhalla for each Class A Common Share held in Great Pacific Gold, along with one new common share of Great Pacific Gold for each Class A Share [2]. - Following the spin-out, shareholders of Great Pacific Gold ceased to hold Class A Shares, which were cancelled, and became shareholders of Walhalla based on their previous holdings [3]. - A one-time payment of $1,500,000 was made to Great Pacific Gold by Finco as part of the arrangement, and the company retains a 2% net smelter return royalty on the Walhalla Gold Project [4]. Group 2: Walhalla Gold Project Overview - The Walhalla-Woods Point Goldfield in Victoria, Australia, is a significant goldfield with an estimated total historic gold production of 2.2 million ounces (72.2 tonnes) at a gold grade of 25.3 grams per tonne, accounting for approximately 10% of the state's historic gold production [6]. - The goldfield contains over 420 mines/workings and is located in the Palaeozoic-aged Melbourne geological structural zone, approximately 150 kilometers east of Melbourne [6]. Group 3: Company Profile - Great Pacific Gold aims to become a leading gold-copper development company in Papua New Guinea, with a portfolio of exploration-stage projects including the Wild Dog Project, Kesar Project, and Arau Project [8][9]. - The Wild Dog Project features a large-scale epithermal target with significant drilling results, while the Kesar Project has shown high grades of gold in exploration work [8][9]. - The Arau Project includes the Mt. Victor exploration target, which has demonstrated potential for high sulfidation epithermal gold-base metal deposits [9].
GPAC Completes Spin Out of Walhalla Gold Corp.