EurOmax Resources completes Silk Road acquisition
EurOmax, a Canadian company with precious and base metal projects in South Eastern Europe, completed its acquisition of Silk Road Resources on June 29 2009, EurOMax chief executive John Menzies said.
Silk Road's shares were delisted effective as of June 30, 2009.
The arrangement was approved by 99.7 per cent of the votes cast by shareholders of EurOmax and 100 per cent 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, Canada, on June 26 2009.
EurOmax has 10 copper and gold projects in Bulgaria, Macedonia and Serbia. Silk Road, according to its website, focuses on gold, with all of its interests located in Gannan Prefecture in the southern part of Gansu Province, China.
Menzies, in an official statement released in Vancouver, said that now that it had completed the business combination with Silk Road, EurOmax had the benefits of EurOmax's exploration projects which it anticipates advancing with the proceeds of the sale of Silk Road's Bulagou property in the Gansu province 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 and an experienced management team with complementary skills in exploration, business and project development.
As a result of the closing of the Arrangement, EurOmax now owns 100 per cent of
Silk Road's shares and assets.
The board of directors of EurOmax now consists of six directors: John Menzies, Christopher Serin, Michael Mason, Anthony Patriarco, David Bell and Robert Power. John Menzies and Christopher Serin will remain the CEO and CFO, respectively, of EurOmax. Robert Power will serve as the chairman of the board of EurOmax.
Menzies said that "after, and subject to," the receipt of the proceeds from the sale of the Bulagou property, EurOmax intends to commence drilling programmes on its Ilovitza and Kazandol projects in Macedonia; commence a geophysical and drilling programme on its Ceovishte project in Serbia; and complete the minimum drilling programme required by its option agreements with Freeport McMoRan Exploration Company.
Silk Road's shares were delisted effective as of June 30, 2009.
The arrangement was approved by 99.7 per cent of the votes cast by shareholders of EurOmax and 100 per cent 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, Canada, on June 26 2009.
EurOmax has 10 copper and gold projects in Bulgaria, Macedonia and Serbia. Silk Road, according to its website, focuses on gold, with all of its interests located in Gannan Prefecture in the southern part of Gansu Province, China.
Menzies, in an official statement released in Vancouver, said that now that it had completed the business combination with Silk Road, EurOmax had the benefits of EurOmax's exploration projects which it anticipates advancing with the proceeds of the sale of Silk Road's Bulagou property in the Gansu province 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 and an experienced management team with complementary skills in exploration, business and project development.
As a result of the closing of the Arrangement, EurOmax now owns 100 per cent of
Silk Road's shares and assets.
The board of directors of EurOmax now consists of six directors: John Menzies, Christopher Serin, Michael Mason, Anthony Patriarco, David Bell and Robert Power. John Menzies and Christopher Serin will remain the CEO and CFO, respectively, of EurOmax. Robert Power will serve as the chairman of the board of EurOmax.
Menzies said that "after, and subject to," the receipt of the proceeds from the sale of the Bulagou property, EurOmax intends to commence drilling programmes on its Ilovitza and Kazandol projects in Macedonia; commence a geophysical and drilling programme on its Ceovishte project in Serbia; and complete the minimum drilling programme required by its option agreements with Freeport McMoRan Exploration Company.