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Cariboo Rose Resources Announces Effective Date of Plan of Arrangement
(via Thenewswire.ca) Vancouver, BC, November 16, 2011 - Cariboo Rose Resources Ltd. (TSX-V: C...
About this update from Cariboo Rose Resources Ltd.
[{"type":"text","content":"\nCariboo Rose Resources Announces Effective Date of Plan of Arrangement\n\n(via Thenewswire.ca)\n\n \nVancouver, BC, November 16, 2011 - Cariboo Rose Resources Ltd. (TSX-V: CRB) (\"Cariboo Rose\") is pleased to announce that is pleased to report that, further to the previously announced spin out of the Woodjam project, the TSX Venture Exchange (the \"Exchange\") has given its final approval to list the common shares of Consolidated Woodjam Copper Corp. (\"WCC\") on the Exchange. Shareholder and final court approval for the plan of arrangement were obtained on September 30, 2011 and October 6, 2011, respectively. Refer to the Cariboo Rose Information Circular dated August 26, 2011, for additional information concerning the plan of arrangement.\n\n\n \nThe purpose of the spin-out transaction is to preserve the interests of the shareholders of Cariboo Rose and the shareholders of Fjordland Exploration Inc. (\"Fjordland\") in the Woodjam properties by transferring them to WCC, a stand-alone corporate entity focused on the exploration and development of the properties. Pursuant to statutory plans of arrangement between Cariboo Rose and WCC and between Fjordland and WCC, the interests of Cariboo Rose and Fjordland are to be transferred to WCC, which then will hold a 100% interest in the Woodjam project. The Woodjam project is subject to an earn-in option by Gold Fields. This transaction will also facilitate the advancement and recognition of the other mineral exploration projects held by Cariboo Rose and projects held by Fjordland.\n\n\n \nThe effective date for the plan of arrangement has been set as November 25, 2011 (the \"Effective Date\"), which has also been determined as the record date for shareholders of Cariboo Rose to participate in the plan of arrangement. Shareholders of record on the Effective Date, will receive approximately 0.70 shares of WCC for every one share of Cariboo Rose that they own while retaining their Cariboo Rose shares. Fractional shares of WCC will not be issued and any fractional WCC shares resulting from the plan of arrangement will be cancelled.\n\n\n \nThe shares of Cariboo Rose will trade ex-distribution on November 23, 2011, meaning that purchasers of Cariboo Rose shares after November 22, 2011, will not receive WCC shares pursuant to the plan of arrangement.\n\n\n \nThere are currently 28,516,577...