Business
Radius Sets Spin Out Ratio, Appoints New Director
Jul. 27, 2011 (Canada NewsWire Group) -- VANCOUVER, July 27, 2011 /CNW/ - Radius Gold Inc. (T...
About this update from Radius Gold Inc.
[{"type":"text","content":"\n\n\n Jul. 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, July 27, 2011 /CNW/ - Radius Gold Inc. (TSXV: RDU) announces\n that its Board of Directors has determined that the ratio of securities\n to be issued under the proposed Spin Out transaction announced on May\n 27, 2011 will be one common share and one full warrant in Newco for\n every three Radius shares held. Each Newco warrant will entitle the\n holder to purchase one common share of Newco at $0.50 for a period of\n 18 months after listing of Newco.  Following completion of the Spin\n Out, Radius will hold 19.9% of the issued shares and warrants of Newco.\n\n\nIt is proposed that Newco will hold all of Radius's existing Yukon\n projects and $1.0-million in cash. The implementation of the Spin Out\n is subject to, among other things, Radius shareholder approval, court\n approval and TSX Venture Exchange approval. The shareholders' meeting\n will be held in October 2011.\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\nWilliam Katzin Appointed to Board of Directors\n\n\nThe Board has also unanimously approved the appointment of Mr. William\n Katzin as a Director of Radius.  Mr. Katzin is a graduate of the\n University of Cape Town, South Africa...