Business

Vista Gold Corp. Enters into Letter of Intent for Combination of Yellow Pine Assets with Midas Gold, Inc.

Vista Gold Corp. Enters into Letter of Intent for Combination of Yellow Pine Assets with Midas Go...

articleVista Gold CorpDecember 7, 20104/company/vista-gold/news/vista-gold-corp-enters-into-letter-of-intent-for-combination-of-yellow-pine-assets-with-midas-gold-inc
Vista Gold Corp. Enters into Letter of Intent for Combination of Yellow Pine Assets with Midas Gold, Inc.

About this update from Vista Gold Corp

[{"type":"text","content":"\n\n\n\n Dec. 7, 2010 (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\n >\n\nDENVER, Dec. 7, 2010 /CNW/ -- Vista Gold Corp. ("Vista") (TSX & NYSE Amex Equities: VGZ) is pleased to announce that it has entered into a letter of intent ("LOI") with Midas Gold, Inc., a privately held company based in Spokane Valley, Washington ("Midas"), for the combination of the respective holdings of Vista and Midas in the Yellow Pine - Stibnite Mining District located in Valley County, Idaho (the "District"). The LOI is non-binding, except with respect to specified provisions, and the completion of the proposed combination will be subject to a number of conditions, including, but not limited to, the execution of definitive agreements, the completion of due diligence satisfactory to Vista and Midas, and the receipt of board and other approvals.\n\nThe LOI provides for the contribution by Vista and Midas of their respective mining claims, interests and other assets in the District to a newly formed U.S. corporation ("Newco"). Immediately following the combination, Newco will be held 35% by Vista and 65% by Midas' shareholders. Additionally, the LOI provides that Vista will initially have the right to appoint 25% of the directors of Newco and Midas will initially have the right to appoint 75% of the directors.\n\nThe LOI provides that Vista and Midas will commence due diligence immediately and will use commercially reasonable efforts to agree on the stru...

More updates from Vista Gold Corp