Sarissa Resources, Inc. (OTCPK: SRSR) announced the spin off the Shining Tree gold property on March 29, 2011. The spun out entity will be named Shining Tree Resources Corp. Pursuant to the spin-out transaction, Sarissa shareholders on the record date for the spin-out will be entitled to receive one share in Shining Tree Resources Corp. for each thirty-five shares of Sarissa held by them. Sarissa expects that it will accomplish this spin-out by declaring a dividend-in-kind of all the shares of Shining Tree to the shareholders of Sarissa. Shining Tree would become a Canadian reporting issuer at the time of, or as soon as possible following, the spin-out. The spin-out is subject to, among other things, Board approval of the final structure and terms of the Spin-out, and regulatory approvals, as required. On October 18, 2011, the transaction was approved by the annual and special meeting of shareholders of Sarissa Resources, Inc. Sarissa Resources, Inc. (OTCPK: SRSR) cancelled the spin off the Shining Tree gold property on February 21, 2017.