Kobex Minerals Inc.
| September 30, 2009 IMA, Kobex, and Barytex Business Combination Complete: Kobex Minerals Inc. to begin trading | |
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 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 completed on September 30, 2009. The Transaction was effected by way of court approved statutory plans of arrangements (the "Arrangements") under the Business Corporations Act (British Columbia), pursuant to which all of the issued and outstanding securities of Kobex and Barytex at the effective time were exchanged for IMA securities on the following basis: (i) 1.311 IMA common shares for each Kobex common share; (ii) 0.221 IMA common shares for each Barytex common share; and (iii) stock options and warrants exercisable to acquire IMA common shares on an adjusted basis to reflect the respective share exchange ratios, for each of the Kobex and Barytex stock options and warrants. Following the completion of the Arrangements, the common shares of IMA were consolidated on a 2.4 old shares for one new share basis, and IMA's name has been changed to "Kobex Minerals Inc.". The Kobex Minerals Inc. shares will commence trading on a post-consolidated basis on the TSX Venture Exchange and on NYSE Amex at the open of trading on October 1, 2009 under the symbol "KXM". The shares of Kobex and Barytex will be delisted from the TSX Venture Exchange effective at the close of trading on September 30. 2009. Outstanding IMA share purchase warrants which currently trade on the TSX Venture Exchange under the symbol "IMR.WT.A" have been adjusted as a result of the consolidation and are now exercisable to acquire an aggregate of 596,875 common shares of Kobex Minerals Inc. at a price of $9.12 per share until March 21, 2010. The warrants are expected to commence trading under a new symbol on or before October 5, 2009. For further information, please contact Alf Hills, President and CEO, or Sam Yik, CFO, at 604-688-9368, or by fax at 604-688-9336, or by email at kobex@telus.net. 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". | |
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