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European Uranium Resources Ltd. to Merge with Portex Minerals Inc.
European Uranium Resources Ltd. to Merge with Portex Minerals Inc. Vancouver, British Colum...
About this update from Azarga Metals Corp.
[{"type":"text","content":"European Uranium Resources Ltd. to Merge with Portex Minerals Inc.European Uranium Resources Ltd. to Merge with Portex Minerals Inc.\n\nVancouver, British Columbia CANADA, December 09, 2013 /FSC/ - European Uranium Resources Ltd. (TSXV: EUU),(\"EUU\"), and Portex Minerals Inc. (\"PAX\") (CNSX: PAX) announce that they have entered into a binding Letter of Intent dated December 6, 2013 (the \"Binding LOI\") to merge (the \"Merger\") through a plan of arrangement under which EUU will acquire all of the outstanding common shares of PAX in exchange for EUU common shares.  The merged company will be named European Minerals Inc. (\"European Minerals\" or the \"merged company\") and will be a Europe-focused company with a diverse, multi-commodity portfolio of exciting exploration and development projects.\n\n\"European Minerals will be a Europe-focused company with a unique portfolio of exploration and development projects in base metals, precious metals and uranium\", said Dorian L. (Dusty) Nicol, CEO of EUU.  \"The merged company's projects will have tremendous geologic potential for discovery, both by addition to existing resources and by discovery of new deposits.\"\n\n\"Portex looks forward to continuing its exploration and development strategy with its new partners at EUU. We believe that the Merger will benefit the shareholders of both companies\", commented Peter F. Chodos, President and CEO of Portex.\n\nSummary of the Binding LOI and the Merger\n\nPursuant to the Binding LOI, EUU will acquire all of the issued and outstanding PAX shares pursuant to a plan of arrangement under the Business Corporations Act (Ontario) under which EUU will acquire all of the issued and outstanding shares of PAX.  Under the plan of arrangement, PAX shareholders will receive 0.6 of an EUU common share in exchange for each PAX common share and PAX will become a wholly-owned subsidiary of EUU.  Under the Binding LOI, EUU and PAX have agreed that, upon completion of the Merger, EUU will change its name to European Minerals Inc.  The Merger will be classified as a reverse takeover under the rules of the TSX Venture Exchange (the \"TSXV\" or the \"Exchange\") and trading in EUU's shares will be halted until TSXV requirements are met.  The CNSX may also halt trading in PAX's shares for a similar ...