Blackrock Gold Corp CEO Andrew Pollard (TSXV: BRC) (OTC: BKRRF)
Channel: RICH TV LIVE
Date: 22/09/2020

Blackrock Gold Corp CEO Andrew Pollard (TSXV: BRC) (OTC: BKRRF) - SEPTEMBER 22, 2020 - Blackrock Gold Corp. (“Blackrock” or the “Company”) announces that its Board of Directors is currently evaluating a proposal for Blackrock to transfer the Company’s Silver Cloud property located in the northern part of Nevada to a new subsidiary to be formed (“SpinCo”), provide funding to SpinCo, and then spin out the shares of SpinCo (“SpinCo Shares”) to Blackrock’s shareholders. Blackrock’s shareholders would end up owning shares in both Blackrock and SpinCo in the same proportions. #blackrock #gold #andrewpollard 

Andrew Pollard, President & CEO stated: “With gold hovering near all-time highs and our Tonopah West property dominating the show, we see this as the perfect backdrop to unlock value for investors by spinning out what was once our flagship property, Silver Cloud, into a separate, discovery-oriented public company. We don’t believe the market is fully valuing the sum of our parts and we see this as the ideal solution to ensure both projects get the attention and command the valuation of which they deserve, with purpose-built teams for each.  Not only would this allow Blackrock to streamline its focus towards re-establishing and developing the Tonopah silver district into the tier-one mining complex it once was, it will also allow shareholders to participate in, and benefit from the creation of a new Northern Nevada focused exploration company. With shareholders contemplated to receive one share in the Spinco for every three shares they hold in Blackrock, this creates a compelling new dynamic to our investment thesis as investors will stand to own shares in two public companies that are on two clear paths.”

Management of the Company currently contemplates that Blackrock shareholders will receive one SpinCo Share for every three common shares of Blackrock and that the SpinCo Shares will be subject to resale restrictions with 25% of the SpinCo Shares being released from the restrictions at the time of completion of the spinout and a further 25% being released every four months thereafter.

The completion of the proposed spinout transaction and contemplated distribution of SpinCo Shares to Blackrock shareholders are subject to a number of conditions, including the completion of legal and tax structuring analyses, completion of financial analysis, determination of the structure and amount of Blackrock’s funding of SpinCo, determination of final details of the transaction, settlement of the Board and management team for SpinCo, required regulatory approvals, any required shareholder approval, and the listing of the SpinCo Shares on the TSX Venture Exchange.

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