Terra Announces Final Court Approval of Arrangement
07 Junio 2010 - 7:20PM
Marketwired
Terra Ventures Inc. (TSX VENTURE: TAS) (the "Company") announced
today that it obtained the final court order in connection with the
previously announced plan of arrangement (the "Arrangement")
involving the Company and Terrex Energy Inc. ("Terrex"), a
wholly-owned subsidiary of the Company, under section 288 of the
Business Corporations Act (British Columbia). At a special meeting
of shareholders held on June 4, 2010, Terra's shareholders
overwhelmingly approved the Arrangement with approximately 99.5% of
the votes cast by holders of common shares of the Company voted in
favour of the Arrangement.
The completion of the Arrangement is scheduled to occur on June
11, 2010, with all holders of Terrex common shares and share
purchase warrants as of June 9, 2010 receiving securities of Terrex
pursuant to the Arrangement.
Terrex was incorporated for the purpose of acquiring oil and gas
properties, the first of which is an oil property in Alberta, known
as the Strathmore Property. Pursuant to the Arrangement, the
Company will reorganize its present operations into two separate
public companies, the Company and Terrex. Upon completion of the
Arrangement, the shareholders of the Company (other than
shareholders who dissent to the Arrangement) will own common shares
both in the capital of the Company and in the capital of Terrex,
and the warrant holders of the Company will own warrants of both
the Company and Terrex.
It is expected that the Terrex common shares will be listed on
the TSX Venture Exchange on June 23, 2010, subject to satisfaction
of the TSX Venture Exchange's listing requirements.
On behalf of the board of directors of TERRA VENTURES INC.
Gunther Roehlig, President
About the Companies
Terra Ventures Inc. is a Vancouver, British Columbia based
junior exploration company focused principally on acquiring and
developing quality uranium projects which have world class
potential. The Company is dedicated to building shareholder value
by acquiring strategic uranium properties in this period of
strengthening global demand for uranium supply. The Company's
combination of strategic land positions, advanced stage projects
and no risk carried interest projects - combined with technical
expertise and management's fundraising ability - are the foundation
for growth in the uranium business. The Company's common shares are
listed and trade on the TSX Venture Exchange under the trading
symbol "TAS".
Terrex Energy Inc. is a newly formed Calgary, Alberta based
company engaged in the exploration for, and development and
production of petroleum and natural gas in the Western Canadian
Sedimentary Basin. Terrex is primarily focused on a strategy of
growing reserves and production through applying proven, improved
and enhanced oil recovery technologies to existing under-exploited,
large original oil in-place medium and light oil reservoirs.
This news release contains forward-looking statements.
Forward-looking statements are statements which relate to future
events. In some cases, you can identify forward-looking statements
by terminology such as "may", "should", "expects", "plans",
"anticipates", "believes", "estimates", "predicts", "potential" or
"continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may
cause our or our industry's actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. While
these forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect our current
judgment regarding the direction of our business, actual results
will almost always vary, sometimes materially, from any estimates,
predictions, projections, assumptions or other future performance
suggested herein. Except as required by applicable law, the Company
does not intend to update any of the forward-looking statements to
conform these statements to actual results.
Neither the 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 news release.
Contacts: Terra Ventures Inc. Gunther Roehlig President (604)
683-0911 or Toll Free: 1-866-683-0911 (604) 683-7161 (FAX)
www.terrauranium.com Terrex Energy Inc. Kim Davies President &
CEO (403) 264-4430 Terrex Energy Inc. Norm Knecht VP Finance &
CFO (403) 264-4430 www.terrexenergy.ca
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