Welcome To The Prosperity Goldfields Corp HUB On AGORACOM

Creating wealth through discovery in the Kiyuk Basin

Prosperity Goldfields Corp Profile

Prosperity Goldfields Corp. (“Prosperity” or the "Company") is a junior natural resource company focused on the acquisition and exploration of natural resource properties in precious metals and base metals. Prosperity was incorporated under the Canada Business Corporations Act on September 10, 2010.

The Company was created as a wholly owned subsidiary of Evolving Gold ("Evolving"). The Company and Evolving entered into a series of transactions by which the assets of Evolving relating to a property known as the "Kiyuk Property" near Nueltin Lake in Nunavut were transferred to Prosperity in consideration for common shares of Prosperity, and such common shares would be distributed to shareholders of Evolving by way of a dividend in kind. This series of transactions is referred to as the "Spin Out Transaction". The Company filed a long form prospectus with the Securities Commissions to qualify the stock dividend to be issued pursuant to the Spin Out Transaction. Under the dividend-in-kind, each Evolving Gold shareholder would receive one Prosperity share for every ten Evolving Gold shares held on the record date (February 16, 2011), and the number of Prosperity shares to be issued would be rounded down to the nearest whole number of Prosperity shares. Upon completion of the Spin Out and the reimbursement of transaction costs, Evolving Gold will hold approximately 48.5% of the outstanding Prosperity shares.

On February 2, 2011, the final Prospectus was filed and the Company became a reporting issuer in all of the provinces and territories in Canada. The Company became publically traded company on March 10, 2011 when the dividend is distributed. The Company is listed on the TSX Venture Exchange under the symbol “PPG.”


Last changed at 25-Mar-2011 01:49PM by Moneytospend