The junior is focused on developing the 7.4 million ounce Toroparu project in Guyana, and also owns the earlier-stage Chicharron project in Colombia.
As well as the name change the company is undertaking a share consolidation, reducing its shares on issue on an 8:1 basis to about 35.2 million.
The consolidated shares are expected to start trading on the TSXV under the ticker ‘GLDX' on December 2.
The company also announced a reorganisation of its board following the resignations of David Constable and Harry Pokrandt. The board currently comprises Richard Munson, Greg Barnes, Gordon Keep, Bassam Moubarak, Suresh Beharry, David Laing, Federico Restrepo-Solano and Lombardo Paredes-Arena.
Sandspring in June published a rescoped preliminary economic assessment for Toroparu, which reduced the initial capex compared to its 2013 pre-feasibility study. The re‐scope includes the Sona Hill satellite deposit which provides a simpler start‐up as all gold for the initial 10 years of production will be produced as doré, with flotation processing to be added as part of a year-11 expansion.
Sandspring currently has about 279 million shares outstanding, trading at C25.5c. The company has a market capitalisation of $71 million.