Hunt Gold Corporation announced today the completion of the sale of its “Molybdenum” interests held through its subsidiary company, American Molygold Corp. $620 million in shares of a USA quoted Company will be paid in exchange for the interests. This Company, which is focused exclusively on the business of Molybdenum and Rare Earths, is currently being renamed to Independence Strategic Minerals, Inc.
Hunt Gold reaffirmed that it will be distributing all of the shares received from the sale of American Molygold Corp. to its shareholders once it has received the shares. According to the press release, stockholders will be advised once the “Record Date” and “Pay Date” of this Stock Dividend has been declared. This is anticipated to take place next month.
Hunt Gold Corporation will now focus exclusively on the Exploration and Mining of its existing Gold properties. The company confirmed it does not need to place any shares for cash or retain any of the proceeds from the sale of American Molygold Corp. Hunt Gold intends to fund the exploration of its Gold Mining interests through traditional Bank Mortgage Finance and secured Loans.
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