Business
EurOmax and Silk Road announce completion of business combination; Update on sale of Bulagou property
/THIS NEWS RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR DISTRIBUTION IN THE UNITED ST...
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\n/THIS NEWS RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR\nDISTRIBUTION IN THE UNITED STATES/\n\n\nVANCOUVER, June 29 /CNW/ - EurOmax Resources Ltd. (EOX: TSX-V) and Silk\nRoad Resources Ltd. (SIL: TSX-V) are pleased to announce that the previously\nannounced business combination by way of plan of arrangement (the\n"Arrangement") was completed effective as of June 29, 2009. Silk Road's shares\nwill be delisted effective as of June 30, 2009. The Arrangement was approved\nby 99.7% of the votes cast by shareholders of EurOmax and 100% of the votes\ncast by shareholders of Silk Road at their shareholder meetings held on June\n25, 2009 and approved by the Supreme Court of British Columbia on June 26,\n2009.\n\n\nCombined Company Highlights\n\nEurOmax Resources, now that it has completed the business combination with\nSilk Road, has the following attributes:\n\n- The benefits of EurOmax's exploration projects which it anticipates\n advancing with the proceeds of the sale of Silk Road's Bulagou\n property when they are received.\n\n- A broader share trading market with the potential for greater\n liquidity.\n\n- Greater financing and acquisition opportunities in the mining\n industry.\n\n- Removal of duplication of public company costs.\n\n- An experienced management team with complementary skills in\n exploration, business and project development.\n\n\nTransaction Summary\n\n\nEurOmax acquired all of the issued and outstanding shares of Silk Road in\nthe Arrangement. Pursuant to the terms of the Arrangement, holders of Silk\nRoad shares are now entitled to receive 2.2535 EurOmax shares for every Silk\nRoad share held. The outstanding options and warrants of Silk Road are deemed\nto be exchanged for EurOmax options and warrants, adjusted on the basis of the\naforementioned exchange ratio, on the same terms and conditions as the\noriginal options and warrants. Also, by the terms of the Arrangement, Silk\nRoad and 7167911 Canada Ltd., a wholly-owned subsidiary of EurOmax, have been\namalgamated under the name "7167911 Canada Ltd." and the amalgamated company\nis a wholly-owned subsidiary of EurOmax. Additional information on the\nbusiness combination is available in the information circulars of EurOmax and\nSilk Road, each dated May 26, 2009, available on SEDAR at www.sedar.com.\n\n\nExchange of Silk...