Friday, November 8, 2013

Canadian company provides update on reorganization transaction

Canada-based Concordia Resource Corp., listed on TSX stock exchange, has issued an update on its corporate reorganization transaction which had been announced on October 1, 2013, and is aimed to transform it into the company focusing on high-technology exploration.

The company announced that the transaction has proceeded in due course. The Plan of Arrangement that is now to be approved by security holders will give effect to the previously announced 5:1 share consolidation, and the spin-out of the Company's Providencia and Cerro Amarillo properties and an estimated $5 million, into its newly incorporated subsidiary Meryllion Resources Corporation.

Being completed, the transaction would consolidate full ownership of the Ebende Ni-Cu-Co-PGM Project in the Democratic Republic of Congo, and give Concordia access to geophysical technology cluster of HPX TechCo - a company incorporated under the laws of the British Virgin Islands. As a result of the transaction, 85 per cent of the common shares of the Canadian company would be owned by the BVI-registered HPX TechCo, indirectly controlled by Robert Friedland, a resident of Singapore.