| ||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 [email protected].
KOBEX MINERALS INC. Chairman:
Roman Shklanka has strengthened the prestige of Canada’s mining industry through his geological expertise and willingness to consider potential growth opportunities in diverse settings around the world. While educated and trained in Canada, he is known best for identifying quality projects in far-flung foreign lands and transforming them into world-class mines and deposits. He is one of only a handful of Canadian mining greats who have helped create immense mineral wealth on several continents, most notably for the benefit of developing nations.
Shklanka entered the University of Saskatchewan in his home province at the age of 15 and was awarded a BA degree in 1951, followed by a BCom degree in 1953. A summer job with the Saskatchewan Department of Mineral Resources inspired him to switch direction, and by 1956, he had earned an MA degree in geology. He went on to Stanford University and obtained his doctorate in 1963.
After gaining field and mapping experience with the Ontario Department of Mines, Shklanka joined Placer Development and managed exploration programs in eastern Canada. In 1978, he was transferred to Australia, where he spent more than three years searching for new projects. During this period, he helped secure the Porgera and Misima deposits in Papua New Guinea, which became significant gold mines, and the Kidston gold property in Australia.
After relocating to Placer’s Vancouver office to focus on western Canada, Shklanka was promoted in 1985 to general manager of exploration and in 1987 to vice-president of foreign exploration following the merger of Placer Development and Dome Mines. During this period, he identified and negotiated the acquisition of the Omai and Bulyanhulu gold projects in Guyana and Tanzania, respectively, and was involved in the acquisition of the Granny Smith and Osborne mines in Australia.
Shklanka left Placer Dome in 1990 and merged his company with Sutton Resources, which successfully negotiated with the Tanzanian government to acquire Bulyanhulu following Placer Dome’s withdrawal. Subsequent drilling and underground development attracted Barrick Gold, which purchased Sutton for $525 million in 1999.
In 2003, Shklanka became chairman of Canico Resources Corp., which secured and advanced the Onca Puma nickel deposit in Brazil. This project also caught the eye of a senior company; CVRD (Vale) purchased Canico for $941 million in 2005. As one of the founders and chairman of Polaris Minerals, Shklanka saw the company begin operation in 2007 on Vancouver Island serving domestic and international markets and positioning to become one of the major aggregate producers on the west coast of North America.
Shklanka’s many successes reflect his early realization that geological risk is far higher than political risk in most parts of the world. His geological prowess, economics training and ability to process huge amounts of data quickly and effectively have helped many Canadian-based companies secure deposits and mines ahead of the competition, thereby enhancing Canada’s status as a centre of mining excellence.
Roman Shklanka, B.Comm. Ph.D - Chairman and Director
Dr. Shklanka is currently Chairman of Kobex Resources Ltd., International Barytex Resources Ltd. and Polaris Minerals Ltd. He is an explorationist with over 45 years of international experience in the mining industry which included Chairman of Canico Resource Corp. and Sutton Resources Ltd., and Vice President of Exploration for Placer Dome. He is the recipient of a number of achievement awards and is a recent inductee to the Canadian Mining Hall of Fame.
Alexander J. Davidson, M.Sc - Director
Mr. Davidson is currently the retiring Executive Vice President Exploration and Corporate Development of Barrick Gold Corporation. With over 25 years of worldwide exploration experience, his outstanding accomplishments were recognized in his receiving the A.O. Dufresne Award in 2005 and being named Prospector of the Year in 2003.
Alfred L. Hills, BASc. P.Eng - President, CEO and Director
Mr. Hills is CEO and Director of International Barytex Resources Ltd. His is an engineering graduate in Mining and Mineral Processing with over 30 years of international mine evaluation, development, start-up and operating experience including 26 years with Placer Dome Inc.
Robert Stuart "Tookie" Angus, LL.B - Director
Mr. Angus is Director of IMA Exploration Inc. and an independent business consultant to the mining industry. Prior involvement included Managing Director - Mergers and Acquisitions with the Endeavour Group, and Partner and Head of the Global Mining Group with the legal firm Fasken Martineau DuMoulin LLP.
Jim O'Rourke, BA Sc, P.Eng - Director
Mr. O'Rourke is Director of Kobex Resources Ltd. and President and CEO of Copper Mountain Mining Corporation. A mining engineer with over 35 years of mine development and operating experience included positions as former President of Huckleberry Mines and Princeton Mining Corporation.
Michael J. Atkinson, B.A - Director
Mr. Atkinson is currently Director of IMA Exploration Inc. and President of Maverick Projects Inc., a private consulting company focusing on merchant banking opportunities. He has over 15 years of investment and venture capital industry experience including assisting in forming Quest Capital Corp.
David A. Terry, Ph.D., P.Geo. - Senior Vice President Exploration and Corporate Development
Dr. Terry is currently Senior Vice President Exploration and Director of IMA Exploration Inc. He brings over 20 years of varied international mineral exploration and development experience gained working with a number of mining and exploration companies.
Sam Yik, B.Comm, C.A. - Chief Financial Officer
Currently CFO for International Barytex Resources Ltd. and Kobex Resources Ltd. Mr. Yik has over 19 years of diversified business experience as a chartered accountant in corporate finance, investor relations, corporate development, commercial management and marketing.