Jan 24 2011
Eastern Goldfields, Inc. ("EGI") today announced the completion of its previously announced spin-off of Vantage Goldfields Limited ("VGO"), a gold mining and exploration company domiciled in Australia with operations in South Africa.
The spin-off was effected through the distribution of VGO ordinary shares to EGI's shareholders. EGI shareholders are entitled to receive six VGO ordinary shares for each share of EGI common stock that they own. Before the spin-off, VGO was a wholly owned subsidiary of EGI. As a result of the spin-off, EGI shareholders will become shareholders of VGO directly and EGI will no longer own any VGO shares.
The spin-off was undertaken pursuant to an exemption from registration under United States securities laws. Neither the spin-off nor the VGO shares have been registered with the United States Securities and Exchange Commission. Accordingly, the VGO shares issued in connection with the spin-off are deemed restricted under United States federal securities laws.
Source: http://www.easterngoldfields.com/