CBR Gold reports Spin-Out Transaction
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.
Click here to access the entire press release
Click here to access CBR Gold Corporate Site
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Fri, Feb 5, 2010
Post by Melissa Pistilli, Silver Senior Reporter