Business
Eureka Drilling and Transaction Update
Vancouver, British Columbia--(Newsfile Corp. - July 16, 2018) - Eureka Resources, Inc.  (...
About this update from Kore Mining Ltd.
[{"type":"text","content":"Eureka Drilling and Transaction UpdateVancouver, British Columbia--(Newsfile Corp. - July 16, 2018) - Eureka Resources, Inc. (TSXV: EUK) (\"Eureka\" or the \"Company\") is pleased to announce that the Company has filed a joint management information circular with Kore Mining Ltd. (\"Kore\"), which discloses the final terms of the amalgamation agreement dated February 24, 2018 (the \"Agreement\") between the Company and Kore, a private British Columbia corporation based in Vancouver, BC, pursuant to which Eureka has agreed to acquire all of the outstanding common shares of Kore (each, a \"Kore Share\") in exchange for the issuance of common shares of Eureka (each, a \"Eureka Share\") by way of a three-cornered amalgamation (the \"Transaction\") among Kore, the Company and a wholly-owned subsidiary of the Company. Kore, indirectly through its wholly-owned US subsidiaries, owns 100% interests in the Imperial and Long Valley gold development projects, located in California, USA (together, the \"Projects\"). The Projects comprise development stage (and historic feasibility stage) assets with over 141,225 metres of historic drilling.The Transaction will constitute a reverse takeover (an \"RTO\") of Eureka by Kore under the policies of the TSX Venture Exchange (the \"Exchange\"). The meetings of the shareholders of Eureka and Kore will be held on July 23, 2018. Conditions to the TransactionThe Transaction remains subject to a number of terms and conditions, including, among other things:Eureka and Kore obtaining all necessary consents, orders and regulatory approvals, including the approval of the Exchange;completion of a private placement by Eureka for minimum gross proceeds of $2,250,000;there being no material change occurring with respect to the business of Eureka or Kore;the satisfaction of obligations under the Agreement relating to each of the parties; the delivery by each of the parties of standard closing documents, including legal opinions; andapproval of the Transaction by the shareholders of Kore and Eureka, as required by applicable corporate law and the policies of the Exchange.Operational UpdateDrilling has now commenced at Eureka's 100% owned Gold Creek Property, located in the Cariboo Mining Division. It is expected that exploration will consist of approximately six holes on the Gold Creek Property, foll...