Radius Resources Corp. (TSX VENTURE:RAX) reported that the company has filed a notice of intention to make a proposal to creditors under the Bankruptcy and Insolvency Act on February 23, 2010.
The press release is quoted as saying:
The filing of the NOI is a step taken by Radius in preparation for the filing of a proposal under the BIA to effect a restructuring process to be undertaken as part of a proposed business combination with Argosy Energy Inc. previously announced on December 8, 2009.
