Nexus Gold Corp. (TSXV:NXS) announced its intent to spin off Nexus Metals Corp. on June 28, 2022.

As per the transaction, 45.39 million shares of Nexus Metals Corp. will be distributed with a ratio of approximately 1 share of Nexus Metals for every 7 shares of Nexus Gold Corp. As on August 4, 2022, shareholders of Nexus Gold approved the deal.

The court hearing to obtain a final order approving the Arrangement is scheduled to take place on August 10, 2022. The Company is also pleased to announce that Milad Zareian has been appointed Vice President,.Completion of the Spinout is subject to approval of the TSX Venture Exchange and the Supreme Court of British Columbia, as well as approval of the shareholders of Nexus Gold Corp. at a special meeting to be held on August 4, 2022.

Nexus Gold Corp is pleased to announce that it has received court approval by way of a final order granted by the Supreme Court of British Columbia for the completion of its arrangement involving the spinout of Nexus Metals. Completion is anticipated on or before August 31, 2022. Corp.

Completion of the arrangement remains subject to approval of the TSX Venture Exchange. The transaction is expected to close on October 12, 2022.