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Sep. 28, 2009 (TheNewswire.ca) --
September 28, 2009
IMA Exploration Inc. ("IMA")(IMR-AMEX, IMR-TSX.V), Kobex Resources Ltd. ("Kobex")(TSXV: KBX) and International Barytex Resources Ltd. ("Barytex")(TSXV: IBX) are pleased to announce that the the business combination (the "Transaction") announced in joint news releases dated July 16 and August 18, 2009, and described in the Joint Information Circular mailed to Kobex and Barytex shareholders, was approved by the shareholders of each of Kobex and Barytex at special meetings held on September 25, 2009.
The resolutions to approve the Transaction were approved by 99.9% of the votes cast by the Kobex shareholders at the Kobex special shareholders' meeting and by 99.4% of the votes cast by the Barytex shareholders at the Barytex special shareholders' meeting. Each of Kobex and Barytex will make an application to the Supreme Court of British Columbia on September 28, 2009 for a final order approving the Transaction. Closing of the Transaction is anticipated to occur on Wednesday, September 30, 2009. Upon completion of the Transaction, Kobex and Barytex will be wholly-owned subsidiaries of IMA. Trading of the shares of Kobex and Barytex on the TSX Venture Exchange has been halted pending completion of the Transaction. Following the completion of the Transaction, it is expected that the shares of Kobex and Barytex will be delisted from the TSX Venture Exchange.
In addition, at the special meeting of the shareholders of IMA held on September 25, 2009, the shareholders of IMA approved the consolidation of IMA's common shares on a 2.4 old shares for one new share basis, and that the name of IMA be changed to "Kobex Minerals Inc.". It is anticipated that the consolidation and name change will become effective immediately following the completion of the Transaction.
For further information please contact Joseph Grosso, President & CEO of IMA Exploration Inc. (AMEX:IMR) (TSXV:IMR''A) (TSXV:IMR) or Sean Hurd, VP Corporate Communications, at 1-800-901-0058 or 604-687-1828, or by fax at 604-687-1858, or by email info@imaexploration.com, or visit the Company's web site at http://www.imaexploration.com.
For further information please contact Leo King, President of Kobex Resources Ltd. at 604‑484‑6228 or by fax at 604-688-9336, or visit the Company's web site at http://investor@kobexresources.com.
For further information please contact Leo King, President of International Barytex Resources Ltd., at 604‑688‑9368 or by fax at 604-688-9336, or visit the Company's web site at http://www.barytex.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Assumptions upon which such forward looking statements are based include that IMA, Barytex and Kobex will be able to satisfy the conditions in the definitive agreement, that all third party regulatory and governmental approvals to the transactions will be obtained and all other conditions to completion of the transaction will be satisfied or waived. Many of these assumptions are based on factors and events that are not within the control of IMA, Barytex or Kobex and there is no assurance they will prove to be correct.
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