Tweet
VANGOLD ANNOUNCES REORGANIZATION - QUICK FACTS
RTT News
Canadian News
10/8/2009 10:37 AM ET
Vangold Resources Ltd. (VAN.V: News ) announced that its board of
directors has approved a plan of arrangement under which Vangold's
shareholders will receive shares of newly formed Vanoil Energy Ltd.,
which will own certain oil and gas properties currently held by
Vangold with the exception of Vangold's Armenian properties.
On completion of the Arrangement, Vangold will operate as a pure gold
company through a 100% ownership of Pacific Kanon Gold Corp. Vangold
currently holds 50% of Pacific Kanon's shares and will acquire the
remaining 50% following completion of the Arrangement.
Vangold shareholders will receive one unit of Vanoil for every eight
pre-consolidated shares of Vangold held; as such shares are currently
constituted. Each Vanoil unit will consist of one share of Vanoil
and one right to purchase an additional share of Vanoil at a price
of C$0.50 per share for a period of 21 days from the effective date
of the Arrangement.
RTT News
Canadian News
10/8/2009 10:37 AM ET
Vangold Resources Ltd. (VAN.V: News ) announced that its board of
directors has approved a plan of arrangement under which Vangold's
shareholders will receive shares of newly formed Vanoil Energy Ltd.,
which will own certain oil and gas properties currently held by
Vangold with the exception of Vangold's Armenian properties.
On completion of the Arrangement, Vangold will operate as a pure gold
company through a 100% ownership of Pacific Kanon Gold Corp. Vangold
currently holds 50% of Pacific Kanon's shares and will acquire the
remaining 50% following completion of the Arrangement.
Vangold shareholders will receive one unit of Vanoil for every eight
pre-consolidated shares of Vangold held; as such shares are currently
constituted. Each Vanoil unit will consist of one share of Vanoil
and one right to purchase an additional share of Vanoil at a price
of C$0.50 per share for a period of 21 days from the effective date
of the Arrangement.