Broadway Gold Mining Ltd. (TSXV:BRD) announced the spin-off of mining assets on July 26, 2019. Broadway Gold Mining Ltd. (TSXV:BRD) entered into an arrangement agreement to spin-off mining assets on October 15, 2019. Pursuant to the terms of the transaction, shareholders of Broadway Gold Mining Ltd., will receive one share in mining assets of Broadway Gold Mining for each share held in Broadway Gold Mining Ltd. The spin-out includes Broadway and Madison mine and the Tsumeb land package in Namibia.

The spin-out will be effected by way of contingent dividend or other mechanism deemed to be the most effective for tax and corporate law purposes, payable to Broadway's existing shareholders following completion of the proposed transaction. The dividend will be paid in-kind by the distribution of shares of a subsidiary corporation (“Spin-Co”) holding all the issued shares of Broadway's wholly owned Montana subsidiary Broadway Gold Corp. and the Tsumeb land package in Namibia.

Spin-Co is not expected to seek a concurrent listing of these shares on any stock exchange. The transaction is subject to regulatory, court and Broadway Gold Mining Ltd. shareholders' approvals.