On April 9, 2021, G2 Goldfields Inc. completed a spin-out of its Sandy Lake project in Ontario into S2 Minerals Inc. by a plan of arrangement under the Canada Business Corporations Act. Pursuant to the spin-out, G2 shareholders received one common share of S2 and one right to purchase a common share of S2 for every ten G2 common shares held as of the effective date of the arrangement. The rights offering was completed on May 18, 2021, pursuant to which S2 issued 12,655,667 common shares at a price of $0.10 per share for total gross proceeds of approximately $1.2 million.
On June 24, 2021, the common shares of S2 began trading on the CSE under the ticker symbol “STWO”.
Cassels acted for G2 and S2.