Vancouver, BC, November 29, 2011 - Cariboo Rose Resources Ltd. (TSX-V: CRB) ("Cariboo Rose") is pleased to report that it has completed its previously announced plan of arrangement with Consolidated Woodjam Copper Corp. ("WCC").
Shareholder and final court approval for the plan of arrangement were obtained on September 30, 2011 and October 6, 2011, respectively and the effective date of the plan of arrangement was November 25, 2011. Refer to the Cariboo Rose Information Circular dated August 26, 2011, for additional information concerning the plan of arrangement.
The purpose of the spin-out transaction is to preserve the interests of the shareholders of Cariboo Rose and the shareholders of Fjordland Exploration Inc. ("Fjordland") in the Woodjam properties by transferring their respective interests to WCC, a stand-alone corporate entity focused on the exploration and development of the properties. Pursuant to statutory plans of arrangement between Cariboo Rose and WCC and between Fjordland and WCC, the interests of Cariboo Rose and Fjordland have been transferred to WCC, which now holds a 100% interest in the Woodjam project. The Woodjam project is subject to an earn-in option by Gold Fields. This transaction will also facilitate the advancement and recognition of the other mineral exploration projects held by Cariboo Rose and projects held by Fjordland.
Pursuant to the plan of arrangement, a total of 19,999,986 common shares in the capital of WCC have been issued, on a pro-rata basis, to the Cariboo Rose shareholders and a total of 29,999,998 common shares in the capital of WCC have been issued, on a pro-rata basis, to the shareholders of Fjordland.
WCC is expected to be listed on the TSX Venture Exchange on November 30, 2011, with the trading symbol "WCC".
J.W. (Bill) Morton, P.Geo.
President and CEO
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: email@example.com
About Cariboo Rose Resources Limited
Cariboo Rose Resources is a prospect generating mineral exploration company with four gold, copper and molybdenum exploration projects in British Columbia and the Yukon. Properties include the Canadian Creek copper-gold property located in the White Gold District of the Yukon optioned to Castillian Resources Corp. (TSX-V: CT); the Cowtrail gold property optioned to Dajin Resources Corp. (TSX-V: DJI) located in the Cariboo region adjacent to and north of the company's Woodjam North property; the Carruthers Pass copper-zinc-silver property in north-central British Columbia optioned to La Quinta Resources Corporation (TSX-V: LAQ); and the Pat gold-copper property in the Cariboo region of south-central British Columbia. Cariboo Rose trades on the TSX Venture exchange under the symbol "CRB". For more information please visit the Company's website at www.cariboorose.com.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here