CBR Gold Corp. (TSX VENTURE:CBG)(FRANKFURT:C3M) reported that the company has approved in principle, a spin-out of its Canadian and Australian gold assets.
The press release is quoted as saying:
CBG will transfer its 100% owned Canadian and Australian assets, including the high-grade Three Bluffs deposit in Nunavut, Canada; the Jaurdi Hills project in Western Australia; and Toro Drilling Services Pty. Ltd. to the newly formed subsidiary North Country Gold Corp. (“NCG”) in exchange for NCG shares, which CBG will then distribute to CBG shareholders on a 1:1 basis. CBG currently holds approximately $9 million in working capital, marketable securities and equipment, which will be allocated between NIB and NCG pursuant to the Transaction.
