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Vista Announces Results of Securityholders' Votes Relating to Proposed Arrangement
Vista Announces Results of Securityholders' Votes Relating to Proposed Arrangement.
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\n\nDENVER, Nov. 16 /CNW/ -- Vista Gold Corp. (Amex: VGZ; TSX) (\"Vista\")\nannounced today that its shareholders, optionholders and warrantholders\n(collectively, \"Securityholders\") have voted to approve the previously\nannounced transaction which, if completed, will result in Vista transferring\nits existing Nevada properties into a recently incorporated company, Allied\nNevada Gold Corp. (\"Allied Nevada\"), which will concurrently acquire the\nNevada mineral assets of Carl and Janet Pescio. Under the proposed\ntransaction, Vista's shareholders will exchange their existing common shares\nof Vista and will receive new common shares of Vista and common shares of\nAllied Nevada. Vista's optionholders will exchange their options for options\nto acquire new common shares of Vista and options to acquire common shares of\nAllied Nevada. Finally, Vista's warrantholders will have their warrants\nadjusted in accordance with the terms of the warrants. Vista believes that the\ncurrent market price of its common shares does not adequately reflect the\nunderlying value of its Nevada properties. By transferring its Nevada\nproperties to Allied Nevada and combining them with the Nevada-based assets of\nthe Pescios to create a single, Nevada-focused gold company, Vista believes\nthat its shareholders will be more likely to realize the value of those\nunderlying assets over time.\nThe total number of common shares of Allied Nevada available for\ndistribution to Vista's shareholders cannot be determined until immediately\nprior to the effective time of the proposed transaction. As disclosed in the\ninformation circular previously delivered to Securityholders, the number of\nAllied Nevada shares available for distribution will be 27,500,000 (out of a\ntotal of 39,500,000 common shares of Allied Nevada expected to be issued at\nclosing), less the number of common shares: (a) issuable to current holders of\nVista options upon the exercise of Allied Nevada options issued to them under\nthe Arrangement; and (b) withheld by Vista to facilitate payment of taxes\npayable by Vista as a result of the completion of the transaction.\nShareholders should refer to page 30 of the information circular under the\nheading \"Treatment of Vista Shares\" for more information on how these amounts\nwill be calculated, including a sample calculation of these a...