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On July 16, 2007, Minco Gold Shareholders voted to approve the reorganization and spin-off of the White Silver Mountain property to Minco Base Metals Corporation with the intention to build a strong base metals company in China . Management believes that separating its assets into two companies, with Minco Gold Shareholders holding proportionate interests in each company, will provide a significant opportunity to increase overall shareholder value. The reorganization will provide greater market awareness and offer both Minco Gold and Minco Base Metals increased flexibility to utilize and exploit their respective assets.
The initial ownership of Minco Base Metals will mirror the shareholder base of Minco Gold Corporation. As of the date of record, each five common shares of Minco Gold will entitle the Shareholder to receive one common share of Minco Base Metals Corporation.
Schedule
- June 14, 2007 -- Interim Court Order outlining the reorganization -- Completed.
- July 16, 2007 -- Shareholder Approval -- Completed.
- July 31, 2007 -- Final Court Approval -- Completed (the signed order will take a few additional weeks and is expected in September).
- November 15, 2007 -- Effective Date -- anticipated completion of reorganization.
- November 15, 2007 -- Minco Base Metals Share Distribution Record Date -- anticipated date of record entitling Minco Gold Shareholders to receive Minco Base Metals shares.
It is expected that Minco Base Metals will then seek a stock exchange listing and complete equity offerings to further develop the White Silver Mountain property and acquire additional base metals properties in China.
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