04:13:37 EDT Fri 29 Mar 2024
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Sassy Resources Corp
Symbol SASY
Shares Issued 47,537,506
Close 2021-10-14 C$ 0.41
Market Cap C$ 19,490,377
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Sassy approves Gander spinout dividend distribution

2021-10-15 09:58 ET - News Release

Mr. Mark Scott reports

SASSY ANNOUNCES DIVIDEND SPINOUT OF 8.83 MILLION GANDER GOLD SHARES

Sassy Resources Corp.'s board of directors has approved the dividend spinout distribution to its shareholders of an aggregate of 8,833,333 common shares in the company's wholly owned subsidiary, Gander Gold Corp. This number of Gander shares represents the settlement of 100 per cent of the debt outstanding between Gander and Sassy associated with the acquisition of the company's Newfoundland exploration properties.

The company currently has 47,537,506 common shares issued and outstanding. Accordingly, the planned dividend distribution of 8,833,333 Gander shares would represent a ratio of one Gander share for every 5.3816 Sassy shares owned by a Sassy shareholder as of the record date of Feb. 1, 2022, or, alternatively, 0.1858 Gander share for every one Sassy share owned as of the record date. The final spinout ratio is subject to any changes to the Sassy share structure between the date of this announcement and the final record date for the dividend distribution, along with the approval of Gander's imminent application to list on a Canadian stock exchange.

Sassy is in the final stages of preparing the application to list Gander on a Canadian stock exchange. Upon listing, Gander is expected to have 71,395,556 Gander shares issued and outstanding, with nil share purchase warrants outstanding. Following execution and completion of the spinout, Sassy will maintain ownership of 35,330,556 Gander shares, representing approximately 49.5-per-cent ownership of Gander. Eric Sprott will beneficially own 10,666,667 Gander shares, representing approximately 15-per-cent ownership.

Comments From Mark Scott, president and chief executive officer of Sassy

"The planned dividend spinout of over 8.8 million Gander shares to our Sassy shareholders represents the first quantifiable delivery of value to our shareholders resulting from our strategic early move into Newfoundland and should represent a material premium to Sassy's share price.

"We have been very effective at managing Sassy's share structure as well as Gander's while building for our investors a compelling portfolio of grassroots properties in Newfoundland covering 2,257 square kilometres (eight separate projects), one of the largest land packages on the island. Initial work has been very promising with Gander Gold on track in management's view to become a leading and well-financed Newfoundland discovery opportunity when it comes to trade. I wish to congratulate the board for their efforts and thank our shareholders for their ongoing support as we work to build sustainable shareholder value in both Sassy and Gander."

Moving forward

Further updates on the listing of Gander and the spinout will be provided as the Gander listing application proceeds and the record date for the dividend distribution of Gander shares approaches.

Results are pending from the company's continuing early-stage exploration program across its extensive project areas in Newfoundland. Results are also pending from the recently completed 2021 field exploration program, including diamond drilling, at the company's 100-per-cent-owned 146-square-kilometre Foremore project in northwest British Columbia's prolific Eskay camp.

Subscribe for updates

Additional photographs and videos from the company's projects in northwest British Columbia and Newfoundland will be added to the Sassy website over the coming days and weeks. Visit Sassy's website and sign up for news alerts to stay informed as exploration in Newfoundland continues year-round.

About Sassy Resources Corp.

Sassy Resources is an exploration-stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal and base metal projects in North America. Its focus is the Foremore project located in the Eskay camp in the Liard mining division in the heart of northwest British Columbia's prolific Golden Triangle and the Central Newfoundland gold belt, where Sassy is one of the district's largest landowners.

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