The Board of Golden Independence Mining Corp. (CNSX:IGLD) announced the spin-off of Champ property on January 22, 2021. Golden Independence Mining Corp. will spin off the Champ property into a newly incorporated subsidiary "SpinCo"). Golden Independence Mining Corp. will distribute 1 million shares amounting to 66.67% stake of Hilo with exchange rate of approximately 0.016 and will retain 0.5 million shares amounting to 33.33% stake. It is proposed that the transaction will be carried out by way of statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia). Under the terms of the transaction, shareholders of Golden Independence Mining would exchange their existing common shares of Golden Independence Mining for the same number of new common shares of Golden Independence Mining (having the identical terms of the existing common shares) and common shares of SpinCo. The number of common shares of SpinCo to be issued to each shareholder of Golden Independence Mining under the transaction has not yet been determined. There will be no change in shareholders' holdings in Golden Independence Mining as a result of the transaction. Golden Independence Mining intends to seek a listing of the SpinCo common shares on either the TSX Venture Exchange or the Canadian Securities Exchange but no assurance can be provided that such a listing will be obtained. Any such listing will be subject to SpinCo fulfilling all of the requirements of the applicable stock exchange. The proposed transaction will be subject to the approval of Golden Independence Mining's shareholders which it intends to seek at its 2021 annual general and special meeting of shareholders. The transaction also requires the approval of the British Columbia Supreme Court. The deal has been approved, in principle by the Board of Directors of Golden Independence Mining on January 22, 2021. Golden Independence Mining Corp. has called an annual and special shareholders meeting for June 1, 2021. As of June 22, 2021, British Columbia Supreme Court approved the transaction. Effective date is expected to be on November 12, 2021 and record date is prior to effective date.