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Message: EM Resources Announces Update on Status of Amalgamation With Condor
| January 23, 2009 |
| EM Resources Announces Update on Status of Amalgamation With Condor Petroleum Inc. |
| TORONTO, ONTARIO--(Marketwire - Jan. 23, 2009) - EM Resources Inc. ("EM") announces that it has agreed with Condor Petroleum Inc. ("Condor") to extend the amalgamation deadline prescribed in the pre-amalgamation agreement dated July 25, 2008 from December 31, 2008 to June 30, 2009. On July 25, 2008, EM announced that it entered into a pre-amalgamation agreement with Condor, an arm's length private Alberta corporation, pursuant to which EM and Condor have agreed to amalgamate conditional upon, among other things, receipt of all necessary shareholder approvals and the continuance of EM into Alberta. At the annual and special shareholder meeting of EM held on September 15, 2008, shareholders approved the amalgamation of EM with Condor as described in a joint management proxy and information circular of EM and Condor dated as of August 11, 2008 which is available on www.sedar.com. In light of current capital market conditions, it has been determined by the respective boards of directors of EM and Condor that it is in the best interests of their respective shareholders to postpone the amalgamation in order to consider further steps that may be appropriate in order to optimize the merger for both companies. Further updates regarding the amalgamation will be disclosed in future news releases. |
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