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31 December 2009 |
UPDATE ON PROPOSED QUALIFYING TRANSACTION |
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| Galena International Resources Ltd. (TSX.V: GTO.P) (“Galena”) and Kernow Resources & Development Ltd. (TSX.V: KRD) (“Kernow”) announced today that, further to Galena's News Release of September 21, 2009 announcing the proposed amalgamation of Galena, Kernow and Green Bull Energy Inc. ("Green Bull"), the parties have amended the terms of the proposed amalgamation and have subsequently have entered into a definitive Amalgamation Agreement, dated November 18, 2009 (the "Amalgamation Agreement"). Under the terms of the Amalgamation Agreement Kernow will amalgamate (the "Amalgamation") with Green Bull to form na amalgamated company ("Amalco") and Galena will acquire of all of the issued and outstanding shares of Amalco by way of a share-for-share exchange, pursuant to which, Amalco will become a wholly-owned subsidiary of Galena. The Amalgamation is intended to constitute Galena's Qualifying Transaction (the "Qualifying Transaction") in accordance with the TSXV Policies.
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