Independence Gold Corp. (IGO.V) began trading on the TSXV today. The company announed that that the previously announced statutory plan of arrangement involving IGO, New Gold Inc. and Silver Quest Resources Ltd. was completed on December 23, 2011.
Under the terms of the court approved Arrangement, New Gold common shares were issued to former Silver Quest shareholders on the basis of 0.09 of a New Gold share for each Silver Quest share and nominal cash consideration. As part of the Arrangement, for every three Silver Quest shares held, Silver Quest shareholders received one common share in Independence Gold.
Independence Gold was formed to carry out exploration on several properties previously held by Silver Quest. Independence Gold has 43,213,289 common shares outstanding.
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