Galena International Resources Ltd. & Kernow Resources & Developments Ltd.: Completion of Qualifying Transaction; Resumption of
March 05 2010 - 6:17PM
Marketwired
Galena International Ltd. (TSX VENTURE: GTO.P) ("Galena") and
Kernow Resources & Developments (TSX VENTURE: KRD) ("Kernow")
are pleased to announce that the TSX Venture Exchange (the
"Exchange") has accepted Galena's qualifying transaction (the
"Qualifying Transaction").
As previously disclosed in Galena's news release dated September
21, 2009, and updated on December 31, 2009 and February 19, 2010,
the Qualifying Transaction involved the amalgamation of Kernow with
Green Bull Energy Inc. ("Green Bull") to form an amalgamated
company, Green Bull Resources Ltd. ("GBR"), and the acquisition by
Galena of all of the issued and outstanding shares of GBR by way of
a share exchange, resulting in GBR becoming a wholly-owned
subsidiary of Galena (collectively, the "Amalgamation").
The Amalgamation was completed on Friday, February 26, 2010
pursuant to which Kernow shareholders received an aggregate of
6,572,686 Galena common shares, representing one (1) Galena common
share for every three (3) common shares of Kernow. In addition,
Galena assumed all of Kernow's currently outstanding options,
resulting in an aggregate of 575,935 Galena common shares being
reserved for issuance pursuant to such options. Green Bull
shareholders received an aggregate of 3,000,000 Galena common
shares, representing one Galena common share for every 1.864 common
shares of Green Bull. Following completion of the Amalgamation,
Galena now has 22,227,686 common shares issued and outstanding. For
a detailed discussion of the Qualifying Transaction, see Galena's
Filing Statement dated February 15, 2010 and filed on February 17,
2010, available on SEDAR at www.sedar.com.
It is expected that the common shares of Galena will resume
trading at the opening of the market on Monday March 8, 2010 under
the symbol "GTO" and the common shares of Kernow will be delisted
from the Exchange. Galena will be listed as a Tier 2 Mining
Issuer.
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.
Contacts: Galena International Ltd. Randy Turner CEO, President
& Director 604-687-6644
Kernow Resources & Developments Ltd. (Tier2) (TSXV:KRD)
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