Drake Gold cease debate for spin off specialty assets
30 Mar '06
3 min read
Drake Gold Resources Inc is an early stage mining company that focuses on the exploration and production of precious metals is pleased to announce that completing negotiations for the spin off of the specialty assets from former business model, including patented processes, wheel designs, patent pending switch plates and designs, a series of apparel designs and unique licenses in the sports world.
The assets are very unique and we have had some very interesting offers put on the table. Another company who deals in outdoor products, sports products and apparel has approached us, and they have made several offers for the purchase of these assets.
There are two likely scenarios, either a cash and stock transaction or an all stock transaction in which all stock would be issued as a dividend to current DKGR shareholders as of a soon to be determined record date.
The company is pleased to be able to spin off the former companies assets to benefit current shareholders with added value through a stock dividend. This step completes the full transition from the previous model to the precious metal exploration and production business.
We will make the formal announcement of the spin off with all the remaining details within a couple days once the agreements have been solidified.
Drake Gold Resources Inc will complete the acquisition of the 1280-acre gold/silver/copper property in South-Eastern Arizona once the formal agreement is completed and begin full-scale operations as soon as possible thereafter.
marketing@alchempro.com
