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G2 Goldfields Completes Spinout of Guyana Project

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G2 Goldfields (GTWO.TO) has completed the spinout of its interests in the Puruni project in Guyana to G3 Goldfields.

As part of the transaction, G3 secured C$45 million in cash. It is also entitled to receive up to US$200 million based on the declaration of measured and indicated resources on the properties acquired by G Mining Ventures (GMIN.TO) under the arrangement, G3 said Wednesday.

G3 has applied for a listing of its shares on the Canadian Securities Exchange under the GTRE symbol. The company also plans to raise C$1.6 million in a private placement.

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