Vista Gold Announces Determination of Fair Market Value of Shares of Allied Nevada Gold Corp.
25 Mai 2007 - 4:27AM
PR Newswire (US)
DENVER, May 24 /PRNewswire-FirstCall/ -- Vista Gold Corp.
(AMEX:VGZ) Toronto ("Vista") announced today that its board of
directors determined that the fair market value of each share of
Allied Nevada Gold Corp. ("Allied Nevada") on May 10, 2007, the
effective date of the previously announced plan of arrangement
involving Vista, Allied Nevada and Carl and Janet Pescio (the
"Arrangement"), was U.S.$4.6265. Although, this determination will
not be binding on the U.S. Internal Revenue Service or the Canada
Revenue Agency, it was necessary to, among other things, determine
whether a deemed dividend arose for Canadian tax purposes in
respect of the Arrangement. In light of this determination, Vista
has concluded that no deemed dividend arose for Canadian tax
purposes in respect of the Arrangement. Consequently, the shares of
Allied Nevada withheld from certain shareholders of Vista at the
closing of the Arrangement to satisfy potential withholding tax
obligations if a deemed dividend for Canadian tax purposes arose,
will be distributed to shareholders from whom they were withheld as
soon as practicable. As previously indicated in the management
information and proxy circular of Vista dated October 11, 2006 (the
"Circular"), Vista agreed to provide this information to its
shareholders after the effective date of the Arrangement. For more
information on this and other tax implications of the Arrangement,
securityholders should review the Circular and consult with their
own tax advisors. About Vista Gold Corp. Since 2001, Vista has
acquired a number of discovered gold projects with the expectation
that higher gold prices would significantly increase their value.
As gold prices have risen, Vista has completed various preliminary
evaluations that have confirmed that some of the projects would be
potentially viable operations at today's gold prices. Currently,
Vista is undertaking technical programs to bring the most advanced
projects to the point where decisions can be made to put these
projects into production, either by Vista, or through sale or joint
venture to other mining companies. Vista's holdings include the
Paredones Amarillos and Guadalupe de los Reyes Projects in Mexico,
Mt Todd Project in Australia, Yellow Pine Project in Idaho, Awak
Mas Project in Indonesia, Long Valley Project in California, and
the Amayapampa Project in Bolivia. Forward-Looking Statements This
press release contains forward-looking statements within the
meaning of the U.S. Securities Act of 1933 and U.S. Securities
Exchange Act of 1934. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that Vista expects or
anticipates will or may occur in the future, including such things
as future business strategy, competitive strengths, goals,
expansion and growth of Vista's business, operations, plans and
other such matters are forward-looking statements. When used in
this press release, the words "estimate", "plan", "anticipate",
"expect", "intend", "believe" and similar expressions are intended
to identify forward-looking statements. These statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of Vista,
including anticipated consequences of the transaction described
herein, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others,
risks that Vista's acquisition, exploration and property
advancement efforts will not be successful; risks relating to
fluctuations in the price of gold; the inherently hazardous nature
of mining-related activities; uncertainties concerning reserve and
resource estimates; potential effects on Vista's operations of
environmental regulations in the countries in which it operates;
risks due to legal proceedings; and uncertainty of being able to
raise capital on favorable terms or at all; as well as those
factors discussed in Vista's latest Annual Report on Form 10-K and
Quarterly Report on Form 10-Q, and other documents filed with the
U.S. Securities and Exchange Commission. Although Vista has
attempted to identify important factors that could cause actual
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. Vista assumes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise. For further
information on Vista, please contact Gregory G. Marlier at (720)
981-1185, or visit the Vista Gold Corp. website at
http://www.vistagold.com/. DATASOURCE: Vista Gold Corp. CONTACT:
Gregory G. Marlier of Vista Gold Corp., +1-720-981-1185 Web site:
http://www.vistagold.com/
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