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IBI's Affiliate Grey Crown Resources Limited Reports on Termination of Proposed Transaction With Sereno Capital Corporation
IBI's Affiliate Grey Crown Resources Limited Reports on Termination of Proposed Transaction With ...
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[{"type":"text","content":"\nIBI's Affiliate Grey Crown Resources Limited Reports on Termination of Proposed Transaction With Sereno Capital Corporation\n\n\n Sep. 27, 2010 (Filing Services Canada) -- IBI Corp. (IBI - TSX Venture), a junior international mining and investment company, reports that IBI's affiliate company, Grey Crown Resources Limited (\"Grey Crown\") currently a private integrated gold exploration company focused on Uganda, and owner of the Tira Gold Mine, has announced that Sereno Capital Corporation (\"Sereno\") a capital pool company (\"CPC\") listed on the TSX-Venture Exchange, has terminated its arrangements with Grey Crown Resources Limited concerning the previously announced proposed transaction with Grey Crown.The Sereno news release stated, \"...the parties were not able to satisfy the closing conditions of the proposed qualifying transaction with Grey Crown Resources Limited and that the proposed qualifying transaction is formally terminated.\"Under the terms of the proposed transaction, Grey Crown was to have been Sereno's Qualifying Transaction (\"QT\") as that term is defined under TSX-Venture regulations regarding capital pool companies. The proposed transaction arrangement with Sereno required that Grey Crown raise $2.5 million in financing within a specified timeframe. Grey Crown would then have proceeded to do a reverse takeover of Sereno and would have become a listed issuer on the TSX-Venture Exchange. However, because of unfavourable market conditions for its private placement offering, Grey Crown was not able to raise all of the required financing within the agreed timeframe.Grey Crown Resources is currently developing alternative approaches to financing and is continuing its efforts to achieve public company status. An update will be forthcoming.IBI Corporation OverviewUranium: Following a decision to focus on high-value minerals exploration and development in Uganda and East Africa, IBI sold its Namekara Vermiculite Mine in Uganda to Rio Tinto for US $5 million in March 2007, with final closing in March 2008. IBI subsequently has focused primarily on developing opportunities for the exploration and development of uranium in Uganda and Tanzania. IBI's prospective uranium land portfolio is comprised of approximately 2,882 square kilometres in Uganda and Tanzania. The Company is currently seeking to add more uranium la...