Business
Boxxer announces acquisition of Konnex Resources
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNI...
About this update from Exgen Resources Inc.
[{"type":"text","content":"\n\n\nNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES\n\n\nCALGARY, Sept. 3, 2013 /CNW/ - Boxxer Gold Corp. (TSX Venture: BXX/OTC: BXXRF) (\"Boxxer\" or the \"Corporation\") announced today that, further to the press releases dated July 4,\n 2013, July 23, 2013 and August 26, 2013, it has acquired all of the\n issued and outstanding shares (the \"Acquisition\") of Konnex Resources Inc. (\"Konnex\").  The Acquisition closed in escrow on August 30, 2013, pending\n certain closing deliverables, and is subject to TSX Venture Exchange\n final approval.  Pursuant to the Acquisition, Boxxer issued an\n aggregate of 51,528,750 common shares of Boxxer (\"Boxxer Shares\") to the former holders of common shares of Konnex (\"Konnex Shares\"), on the basis of five (5) Boxxer Shares for every one (1) Konnex\n Share.  24,360,000 of these Boxxer Shares, held by the former\n principals of Konnex, are held in escrow pursuant to the terms of an\n escrow agreement, which provides for the release of those Boxxer\n Shares, as to 25% on each of the 6, 12, 18 and 24 month anniversary of\n the closing date of the Acquisition.\n\n\nIt is anticipated that upon the termination of the closing escrow of the\n Acquisition, Jason Riley, the former President, CEO and a director of\n Konnex, and Dennis Thomas, a former director of Konnex, will be\n appointed to the Board of Directors of Boxxer.\n\n\nIn connection with the Acquisition, Boxxer paid a finder's fee in the\n amount of 1,833,000 Boxxer Shares, which shares are subject to a four\n month hold period that expires on December 31, 2013.\n\n\nBoxxer's President and CEO, Elmer B. Stewart, explained; \"We are very\n pleased with the acquisition of Konnex and look forward to working with\n its management team going forward.  Konnex brings a considerable amount\n of mineral industry expertise to Boxxer's board of directors. Konnex is\n the first acquisition in keeping with Boxxer's corporate strategy of\n exploration of its existing copper projects, along with the acquisition\n of junior resource companies, thereby taking advantage of the market\n opportunities now available in North America\".\n\n\nKonnex Resources Inc:\nKonnex is a private Canadian metals exploration company that seeks to\n identify and acquire undervalued projects locate...