Virginia Energy Signs Deal for Spin Out and Merger Transaction; Shares Slightly Above Year Lows

By Midnight Trader,  June 11, 2012, 11:31:17 AM EDT

Virginia Energy Resources Inc. (VAE.V) announced today that it has signed a letter agreement with VA Uranium Holdings, Inc. and Virginia Uranium Ltd. with respect to the proposed spin out of certain assets of VAE to its wholly-owned subsidiary, VUL and a consolidation of the ownership of VAUH into VUL.

The transaction will divide VAE's portfolio of exploration and development properties between two separate companies whereby one company will focus on exploration while the other focuses on development. In addition, the consolidation of the ownership of VAUH through VUL will simplify the ownership structure of the Coles Hill uranium project in a single publicly traded entity.

VAE is now higher by 5% at 10 cents, which is slightly above year lows. Volume traded is over 43,000.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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