logo


EurOmax and Silk Road announce completion of business combination; Update on sale of Bulagou property
Monday, June 29, 2009 7:05 PM


/THIS NEWS RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR
DISTRIBUTION IN THE UNITED STATES/

VANCOUVER, June 29 /CNW/ - EurOmax Resources Ltd. (EOX: TSX-V) and Silk Road Resources Ltd. (SIL: TSX-V) are pleased to announce that the previously announced business combination by way of plan of arrangement (the "Arrangement") was completed effective as of June 29, 2009. Silk Road's shares will be delisted effective as of June 30, 2009. The Arrangement was approved by 99.7% of the votes cast by shareholders of EurOmax and 100% of the votes cast by shareholders of Silk Road at their shareholder meetings held on June 25, 2009 and approved by the Supreme Court of British Columbia on June 26, 2009.

Combined Company Highlights
EurOmax Resources, now that it has completed the business combination with
Silk Road, has the following attributes:
-   The benefits of EurOmax's exploration projects which it anticipates
    advancing with the proceeds of the sale of Silk Road's Bulagou
    property when they are received.
-   A broader share trading market with the potential for greater
    liquidity.
-   Greater financing and acquisition opportunities in the mining
    industry.
-   Removal of duplication of public company costs.
-   An experienced management team with complementary skills in
    exploration, business and project development.

Transaction Summary

EurOmax acquired all of the issued and outstanding shares of Silk Road in the Arrangement. Pursuant to the terms of the Arrangement, holders of Silk Road shares are now entitled to receive 2.2535 EurOmax shares for every Silk Road share held. The outstanding options and warrants of Silk Road are deemed to be exchanged for EurOmax options and warrants, adjusted on the basis of the aforementioned exchange ratio, on the same terms and conditions as the original options and warrants. Also, by the terms of the Arrangement, Silk Road and 7167911 Canada Ltd., a wholly-owned subsidiary of EurOmax, have been amalgamated under the name "7167911 Canada Ltd." and the amalgamated company is a wholly-owned subsidiary of EurOmax. Additional information on the business combination is available in the information circulars of EurOmax and Silk Road, each dated May 26, 2009, available on SEDAR at www.sedar.com.

Exchange of Silk Road Shares for EurOmax Shares

Silk Road's shares will be delisted from the TSX Venture Exchange effective as of June 30, 2009. To receive their EurOmax shares pursuant to the Arrangement, Silk Road shareholders should surrender their Silk Road share certificates to the depositary, together with a properly completed letter of transmittal, to receive their EurOmax shares pursuant to the Arrangement. A copy of the letter of transmittal was sent to Silk shareholders and is also available at www.sedar.com.

Board and Management of EurOmax

As a result of the closing of the Arrangement, EurOmax now owns 100% of Silk Road's shares and assets.



(0)
No Comments
Post Comment
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
   
 
 
 
 
   
 

  
Related Press Releases
Advertisement
Popular Articles
Advertisement
Partner Center
Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia