Under the Agreements, shareholders of Gold Canyon will receive one common share of First Mining for each Gold Canyon share held in addition to shares in a newly formed Spin-out company ("New Gold Canyon") which will hold certain non-gold exploration assets currently held by Gold Canyon; and PC Gold shareholders will receive 0.2571 common shares of First Mining for each PC Gold share.

The non gold exploration assets appear to be the 3rd and 4th projects below. I don't know if they have much value.

Springpole Gold Project
Gold Canyon's 100% controlled Springpole Gold Project is located in the Red Lake Mining District of Ontario, approximately 70 miles (115 km) east-north-east of the town of Red Lake and consists of over 80,000 acres.

Horseshoe Island Project
The Company has an option to acquire 100% of the Horseshoe Island Project covering 3,160 acres, located 5 miles (8 kms) west of the Springpole Core Area. Additional staking linked the Horseshoe Island and Springpole properties, creating a total site area of 28,935 acres.

Malawi REE Project
GCU / Japan Oil, Gas and Metals National Corporation (JOGMEC) joint exploration agreement (33% / 67%) is directed towards identification of Rare Earth Element (REE) resources in Malawi, under wholly owned JV subsidiary, Spring Stone Limited, Malawi, Africa.

Tanzania REE Project
Exploration for Rare Earth Element (REE) has proceeded in southern Tanzania by Spring Take Limited, a joint venture company between Japan Oil, Gas and Metals National Corporation (JOGMEC 90%) and Gold Canyon Resources (GCU 10%, with the right to increase up to 33%).