Business
Vista Gold Corp. Announces Second Quarter Financial Results
Vista Gold Corp. Announces Second Quarter Financial Results.
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\nDENVER, Aug. 9 /CNW/ -- Vista Gold Corp. (Amex: VGZ; TSX) announced today\nits financial results for the quarter and six months ended June 30, 2007, as\nfiled on August 9, 2007, with the US Securities and Exchange Commission and\nthe relevant securities commissions in Canada in the Corporation's Quarterly\nReport on Form 10-Q. Vista reported a consolidated net loss for the\nthree-month period ended June 30, 2007, of US$3.2 million or US$0.10 per share\ncompared to a consolidated net loss of US$0.9 million or US$0.04 per share for\nthe same period in 2006. The Corporation's consolidated net loss for the\nsix-month period ended June 30, 2007, was US$4.0 million or US$0.13 per share\ncompared to a consolidated net loss of US$2.0 million or US$0.09 per share for\nthe same period in 2006. The increased losses for the three-month and\nsix-month periods compared to the respective prior-year periods of US$2.3\nmillion and US$2.0 million, are primarily the result of one-time costs of\nUS$2.4 million related to the completion, on May 10, 2007, of the previously\nannounced Arrangement involving the Corporation, Allied Nevada Gold Corp. and\nCarl and Janet Pescio. The transaction resulted in the acquisition by Allied\nNevada of the Corporation's Nevada properties and the Nevada mineral assets of\nCarl and Janet Pescio.\n\n\nUpon completion of the Arrangement on May 10, 2007, the Corporation\ntransferred its Nevada properties, and US$25.0 million in cash net of US$0.6\nmillion in loan repayments, Allied Nevada in return for 26,933,055 shares of\nAllied Nevada common stock. Also, pursuant to the Arrangement, the\nCorporation's shareholders exchanged each of their Vista Gold Corp. common\nshares and received, subject to applicable withholding taxes: (a) one new\nshare of Vista Gold Corp., (b) 0.794 of a share of Allied Nevada common stock,\nand (c) any payment they are entitled to receive in lieu of a fractional share\nof Allied Nevada. Of the 26,933,055 Allied Nevada shares issued to the\nCorporation, 25,403,207 shares were distributed to the Corporation's\nshareholders, less any applicable withholding taxes, and the Corporation\nretained 1,529,848 shares to facilitate the payment of any taxes payable by it\nin respect to the Arrangement. Holders of Vista Gold Corp. options exchanged\ntheir options for options to acquire Allied Nevada...