Barytex & Kobex: Plan of Arrangement, Name Change and Consolidation, Delist
01 October 2009 - 10:30AM
Marketwired
IMA Exploration Inc. ("IMA"), (TSX VENTURE: IMR)(NYSE Amex: IMR),
Kobex Resources Ltd. ("Kobex") (TSX VENTURE: KBX) and International
Barytex Resources Ltd. ("Barytex") (TSX VENTURE: IBX) are pleased
to announce that the business combination (the "Transaction")
announced in joint news releases dated July 16 and August 18, 2009,
and described in the Joint Information Circular mailed to Kobex and
Barytex shareholders, was completed on September 30, 2009.
The Transaction was effected by way of court approved statutory
plans of arrangements (the "Arrangements") under the Business
Corporations Act (British Columbia), pursuant to which all of the
issued and outstanding securities of Kobex and Barytex at the
effective time were exchanged for IMA securities on the following
basis: (i) 1.311 IMA common shares for each Kobex common share;
(ii) 0.221 IMA common shares for each Barytex common share; and
(iii) stock options and warrants exercisable to acquire IMA common
shares on an adjusted basis to reflect the respective share
exchange ratios, for each of the Kobex and Barytex stock options
and warrants.
Following the completion of the Arrangements, the common shares
of IMA were consolidated on a 2.4 old shares for one new share
basis, and IMA's name has been changed to "Kobex Minerals
Inc.".
The Kobex Minerals Inc. shares will commence trading on a
post-consolidated basis on the TSX Venture Exchange and on NYSE
Amex at the open of trading on October 1, 2009 under the symbol
"KXM". The shares of Kobex and Barytex will be delisted from the
TSX Venture Exchange effective at the close of trading on September
30. 2009.
Outstanding IMA share purchase warrants which currently trade on
the TSX Venture Exchange under the symbol "IMR.WT.A" have been
adjusted as a result of the consolidation and are now exercisable
to acquire an aggregate of 596,875 common shares of Kobex Minerals
Inc. at a price of $9.12 per share until March 21, 2010. The
warrants are expected to commence trading under a new symbol on or
before October 5, 2009.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
This news release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities legislation.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects"
or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved".
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Kobex Resources Ltd. Alf Hills President and CEO
604-688-9368 Kobex Resources Ltd. Sam Yik CFO 604-688-9368
604-688-9336 (FAX) kobex@telus.net
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