Business
IMA, KOBEX AND INTERNATIONAL BARYTEX SIGN DEFINITIVE AGREEMENT
IMA, KOBEX AND INTERNATIONAL BARYTEX SIGN DEFINITIVE AGREEMENT
About this update from Greenfirst Forest Products Inc
[{"type":"text","content":"\nIMA, KOBEX AND INTERNATIONAL BARYTEX SIGN DEFINITIVE AGREEMENT\n\n\n Aug. 18, 2009 (TheNewswire.ca) -- 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 they have signed a definitive agreement (the \"Arrangement Agreement\") in connection with a business combination (the \"Transaction\") as announced in a joint news release dated July 16, 2009.TransactionUnder the terms of the Transaction, IMA will acquire all of the issued and outstanding shares of Kobex and Barytex in exchange for the issuance of the following IMA common shares (\"IMA Shares\") : (i) to Kobex shareholders, 1.311 IMA Shares (the \"Kobex Exchange Ratio\") for each common share of Kobex acquired and (ii) to Barytex shareholders, 0.221 IMA Shares (the \"Barytex Exchange Ratio\") for each common share of Barytex acquired. It is anticipated that approximately 45,702,323 IMA Shares will be issued to the current shareholders of Kobex and approximately 12,352,690 IMA Shares will be issued to the current shareholders of Barytex.Pursuant to the Arrangement Agreement, the Transaction will be effected by way of court approved statutory plans of arrangements (referred to, individually, as the \"Kobex Arrangement\" and the \"Barytex Arrangement\" and, together, as the \"Arrangements\") under the Business Corporations Act (British Columbia) which will involve Kobex and Barytex and their respective securityholders, and IMA. Pursuant to the Arrangements, Kobex and Barytex will each amalgamate with a separate wholly-owned subsidiary of IMA. The outstanding shares of Kobex and Barytex will be exchanged for IMA Shares on the basis of the Kobex Exchange Ratio and the Barytex Exchange Ratio, respectively. In addition, the outstanding Kobex stock options and the outstanding Barytex stock options and warrants will be exchanged for stock options and warrants of IMA so that each Kobex stock option will be exchanged for an option to acquire 1.311 IMA Shares and each Barytex stock option and warrant will be exchanged for an option or warrant, as applicable, to acquire 0.221 IMA Shares.As a result of the Transaction, the current Kobex and Barytex securityholders will become securityholders of IMA, Kobex and Barytex will become wholly-owned subsidia...