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21 September 2009 |
KERNOW SIGNS LETTER OF INTENT WITH GALENA INTERNATIONAL
RESOURCES LTD. REGARDING A PROPOSED QUALIFYING TRANSACTION |
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| Kernow Resources & Development Ltd. (TSX.V: KRD) (“Kernow”) is pleased to announce that it executed a Letter of Intent (“LOI”) with Galena International Resources Ltd. (TSX.V: GTO.P)(“Galena”), and Green Bull Energy Inc. (“Green Bull”) on September 9, 2009. Under the terms of the LOI, Galena and Kernow, will merge as corporations (the “Proposed Transaction”) and acquire all of the issued and outstanding shares of Green Bull Energy Inc. (“Green Bull”), a private British Columbia corporation, either by way of a corporate merger or a share exchange. The Proposed Transaction will form the qualifying transaction (the “Qualifying Transaction”) for Galena pursuant to rules and policies of the TSX Venture Exchange (the “Exchange”). The final structure of the Proposed Transaction is subject among other things, to the parties completing due diligence, receipt of final legal opinions and entering into a definitive agreement.
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