Business
Radius Plans Spin Out of Yukon Assets
May 27, 2011 (Canada NewsWire Group) -- VANCOUVER, May 27, 2011 /CNW/ - Radius Gold Inc. (TSX...
About this update from Radius Gold Inc.
[{"type":"text","content":"\n\n\n May 27, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVANCOUVER, May 27, 2011 /CNW/ - Radius Gold Inc. (TSX-V: RDU) is pleased\n to announce that the Board of Directors of the Company has unanimously\n approved a spin out transaction (the "Spin Out") whereby Radius will\n transfer all of its Yukon and Alaskan property assets and $1.0 million\n in cash to a new company ("Newco") in return for Newco shares and\n warrants, the majority of which will then be distributed to Radius\n shareholders by way of a plan of arrangement.  The implementation of\n the Spin Out is subject to, among other things, Radius shareholder\n approval, court approval and TSX Venture Exchange ("Exchange")\n approval, including Exchange approval of the listing of the common\n shares of Newco on the Exchange.\n\n\nThe objective of the Spin Out is to maximize shareholder value by\n allowing the market to independently value geographically separate\n property portfolios. The Spin Out will result in two strategically\n positioned companies, one focused on Latin America and the other\n focused on the Yukon.\n\n\nAsset Split\n\n\nRadius will retain ownership of all Latin American property and royalty\n interests, including the HB Project and geothermal licences in\n Guatemala, and its Nicaraguan portfolio currently under option to\n B2Gold Corp., plus shares owned in other companies acquired in relation\n to the Latin American properties.  Newco will hold all of th...