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Orex and Barsele Announce Completion of the Spin Out of Orex's Interest in the Barsele Gold Project
Orex and Barsele Announce Completion of the Spin Out of Orex's Interest in the Barsele Gol...
About this update from Goldsky Resources Corp.
[{"type":"text","content":"\n\n\n\nOrex and Barsele Announce Completion of the Spin Out of Orex's Interest in the Barsele Gold Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nOrex and Barsele Announce Completion of the Spin Out of Orex's Interest in the Barsele Gold Project\nCanada NewsWire\nVANCOUVER, Sept. 25, 2015\n\n\n\nVANCOUVER, Sept. 25, 2015 /CNW/ - Orex Minerals Inc. (REX: TSX-V) (\"Orex\") and Barsele Minerals Corp. (\"Barsele\") are pleased to announce the completion of the previously announced plan of arrangement (the \"Arrangement\") pursuant to which all of the common shares of Barsele (the \"Barsele Shares\") were distributed (the \"Spinout\") to the shareholders of Orex (the \"Orex Shareholders\"). Immediately prior to the Spinout, Orex transferred to Barsele Orex's 45% interest in the Barsele gold project located in Sweden (the \"Barsele Project\"), $500,000 in cash and all of Orex's right, title and interest in and to, and all of its benefits and obligations under, the joint venture agreement (the \"JV Agreement\") dated June 11, 2015 among Orex, Agnico Eagle Sweden AB and certain other parties. Orex retained all of the other assets held by Orex immediately prior to the Arrangement.\n\nUnder the Arrangement, each common share of Orex (an \"Old Orex Share\") outstanding immediately before the effective time of the Arrangement (the \"Effective Time\") was exchanged for one new common share of Orex (a \"New Orex Share\") and one Barsele Share. Also under the Arrangement, outstanding options and warrants of Orex to purchase Old Orex Shares were exchanged for options and warrants, respectively, of both Orex and Barsele to purchase New Orex Shares and Barsele Shares, as applicable. As a result of the Arrangement, existing Orex Shareholders maintained their interest in Orex and obtained a proportionate interest in Barsele by receiving all of the issued and outstanding New Orex Shares and Barsele Shares immediately upon completion of the Arrangement.\n\nGary Cope, President of Orex and Barsele, said \"With the successful completion of the sp...