Hathor gets set to launch gold-silver spin-out

Uranium explorer, Hathor Exploration (HAT-V) is spinning out its gold-silver projects into a new company, MAX Minerals.

Hathor says it hopes MAX shares will be trading on the TSX Venture Exchange by April 6.

Under the arrangement, Hathor shareholders will receive one MAX share for every 10 Hathor shares they hold. Only shareholders who own Hathor shares on or before April 3, will receive MAX shares.

MAX will hold a portfolio of gold-silver properties in the Eskay Creek region of northwestern British Columbia. The properties are made up of nine claim blocks spread over 1,220 sq. km of land. The claims are subject to a 2% net smelter returns royalty payable to the original staker and vender of the claims, who is an insider of Hathor.

The company will start off with working capital of $1.55 million. MAX has budgeted $950,000 for the first phase of the exploration program. The company will focus on targets on the Max iron-copper-cobalt-gold-enriched skarn deposit.

The claim groups, which are not all adjoining, are 7 km from Barrick Gold‘s (ABX-T, ABX-N) high grade Eskay Creek gold-silver mine, at their closes point, extending 57 km to the north, 54 km west-northwest and 16 km to the east.

On listing, MAX will have about 8.6 million shares, of which about 535,000 will be held by directors and officers.

Hathor president and CEO, Stephen Stanley, will be CEO and a director of MAX.

Hathor’s chief financial officer, Andriyko Herchak, will be the president and CFO of MAX.

Hathor shares jumped 30 today, or 16%, to $2.18 per share on a trading volume of 1.8 million shares.