Salt Lake-based Tintic Gold Mining Co. announced Wednesday that it has completed the merger of its wholly owned subsidiary with and into Kiwa Bio-Tech Products Group, a British Virgin Islands company.
Kiwa survives as a wholly owned subsidiary of Tintic. As part of the transaction, Tintic issued more than 7.7 million shares of its common stock to the former shareholders of Kiwa in exchange for all outstanding Kiwa shares. Tintic also assumed Kiwa's outstanding stock options. The former Kiwa shareholders held nearly 90 percent of the outstanding shares of Tintic when the merger closed.
The company's board of directors, following the close of the merger, approved a 4-for-1 stock split in the form of a stock dividend. Upon completion of the split, the number of outstanding common shares will be about 35 million.
Also at closing, Tintic transferred all of its pre-merger assets, subject to all of its pre-merger liabilities, to a newly formed Nevada corporation. The shares of Tintic Nevada will be distributed by dividend to the pre-merger stockholders of Tintic as of March 5.