Fosterville South (TSX.V: FSX) is a mining exploration and development company focused on two large,100-per-cent-owned, high-grade, epizonal, gold projects; the Lauriston and Golden Mountain projects are a large group of tenement applications called the Providence project, and a large group of recently consolidated tenement applications called the Walhalla Belt project, all in the state of Victoria, Australia.

The Fosterville South land package has been assembled over a multiyear period, notably includes a 600-square-kilometre property immediately to the south of and within the same geological framework that hosts Kirkland Lake Gold's (TSX: KL) Fosterville tenements. Additionally, Fosterville South has gold-focused projects called the Moormbool, Timor and Avoca projects, which are also located in the state of Victoria, Australia.

Per the company’s latest press release dated Nov 13/20, shareholders of Fosterville South voted in favor of the spinout of its Avoca and Timor properties to Leviathan Gold. On the effective date of the arrangement, each existing common share of the company will be exchanged for: (i) one new common share of the company; and (ii) one common share of Leviathan.

Investors who do not currently own common shares of Fosterville South but wish to be eligible to receive Leviathan Gold common shares under the spinout transaction would need to purchase Fosterville South shares through the facilities of the TSX.V prior to the close of trading on the TSX.V on Nov. 20, 2020, based on an effective date of Nov. 23, 2020, for the spinout. Leviathan has applied to list its common shares on the TSX.V and has reserved the stock symbol LVX with the TSX.V.

The listing of the common shares of Leviathan is subject to the approval of the TSX.V. In addition to the approval of the listing of the Leviathan common shares on the TSX.V, the following transactions must be completed following the effective date of the arrangement:

• Completion of a financing by Leviathan Gold Finance Ltd. (Finco) in an amount of at least $5-million;
• Completion of the amalgamation of Finco and Leviathan following completion of the      financing;
• Completion of the purchase by an Australian subsidiary of Leviathan of the Avoca and      Timor granted exploration licenses located in the state of Victoria from      Currawong Resources Pty. Ltd., a wholly owned subsidiary of the company.

The company will update shareholders and the market as to the financing, amalgamation and purchase as circumstances warrant. The amalgamation, purchase and listing of the Leviathan common shares on the TSX.V are subject to the approval of the TSX.V.

Fosterville South chief executive officer Bryan Slusarchuk stated: "We thank Fosterville South shareholders for overwhelming support of this transaction. The spinout of the Avoca and Timor assets to Leviathan Gold is an example of Fosterville South flowing the advantages we have as a first mover in Victoria directly to our shareholders. Leviathan Gold has an impressive team of mining professionals, with a proven track record of wealth creation and excellent technical expertise. We look forward to supporting Leviathan Gold as they execute on the ground and unlock value for shareholders."

Leviathan Gold chief executive officer Luke Norman stated: "Avoca and Timor are outstanding projects with a history of high-grade gold production, extremely compelling drill targets and a lack of modern exploration. Our technical team is excited to commence exploration, and we will do so with the backing of a strong treasury and strong institutional investor support."

Currently the company has 63.4M shares outstanding, and is trading at $3.11 per shares, giving it a market capitalization of $197M, as well a cash position of $29M. The 52 week high/low on the company is $5.34/$0.91 respectively. Fosterville South is busy drilling at the Golden Mountain project, where results to date have been excellent, and is preparing to drill at Lauriston, with 12 drill permits in progress spanning five different projects.

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