Business
Termination of proposed distribution of Golden Harp Shares
VANCOUVER, April 28 /CNW/ - International KRL Resources Corp. (TSXV-IRK) (the "Company") announce...
About this update from Affinity Metals Corp
[{"type":"text","content":"\n\n\n\nVANCOUVER, April 28 /CNW/ - International KRL Resources Corp. (TSXV-IRK)\n(the "Company") announces that the proposed distribution of 10,000,000 common\nshares (the "Golden Harp Shares") in the capital of Golden Harp Resources Inc.\n("Golden Harp"), as previously disclosed in a news release dated December 1,\n2006, will not be proceeding.\n\n\nThe Golden Harp Shares were received by the Company as consideration for\nthe transfer of certain mineral claims and leases generally known as the\nCopper Hill Property to Golden Harp. The Company has previously proposed to\ndistribute all of the Golden Harp Shares that it owns to the shareholders of\nthe Company on a pro rata basis as a reduction of stated capital (the\n"Distribution"), and has obtained shareholder approval for such at the annual\ngeneral meeting of shareholders of the Company held on November 29, 2006,\nhowever such approval was subject to the authority of the directors to revoke\nthe resolution at any time before it is acted upon, and to determine not to\nproceed with the Distribution.\n\n\nThis decision has been taken as a result of a significant change in the\ncircumstances from the time when the proposed Distribution was initially\ncontemplated in 2006. Important factors include: (i) a long delay in\ncompleting an initial public offering and the listing of the Golden Harp\nShares on the Exchange, which was not completed until March 2008 and was a\npre-condition to completing the Distribution; and (ii) unprecedented\ndeterioration in market conditions which have restricted the ability of the\nCompany to raise new capital. As a result, the directors of the Company have\nconcluded that it is in the best interests of the Company to retain the Golden\nHarp Shares as an asset of the Company until such time as a potential sale of\nall or a portion of such shares can be arranged.\n\n\nInternational KRL Resources Corp. is a mineral exploration company\nengaged in the acquisition, exploration and advancement of Canadian mineral\nproperties. It has a significant property portfolio prospective for uranium,\nbase metals and precious metals. For more information on the Company and the\nproperties please visit www.krl.net and www.sedar.com websites.\n\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as\nthat t...