"The current shareholders of the company will own approximately 90.1 per cent of the issued and outstanding shares of Metal Mines, with the remaining 9.9 per cent being retained by the company."

"So what this is saying is that for every 1000 shares of ISM you will receive 901 shares of Metal Mines."

I don't read it that way at all. One has to determine how many shares will be issued as a result of the spin out for the Metal Mines. As it says 90.1 % go to shareholders of record and the other 9.9% remain retained within the company.

It almost reads as though you have mixed up the distribution terms with the spin out specifics we do know. As yet we do not know the specifics on the split as per share for share details yet. From the very first NR on the matter. ( we know that the record date has since changed to April 16th)

"Pursuant to the proposed restructuring plan, the Company intends to spin-out Metal Mines as a separate public company whose shares would be listed on the TSX. The current shareholders of the Company will own approximately 90.1% of the issued and outstanding shares of Metal Mines with the remaining 9.9% being retained by the Company. The Metal Mine shares will be distribute to the shareholders by way of a special dividend. Shareholders of record on April 6, 2010 will be eligible to receive the special dividend.

The spin-out of Metal Mines will provide the Company's shareholders with an equity interest in two public companies - Metal Mines and the Company - and will allow the Company to focus on developing its gold and rare earth properties which will be continued to be owned by the Company or its wholly owned subsidiaries."