Finally I was able to figure out why they are spinning out 4Metals Exploration.
Management owns millions of RKR shares so after the spin out they will end up with millions of shares of the new company so in the very likely event that they lose RKR they will end up with something and small investors like us will end up with almost nothing.
It looks that RKR will go under otherwise it wouldn't be trading for 4-5 cents and I guess the big boys know it too