Canterra Minerals Corporation Acquires Triex Minerals Corporation
December 14 2009 - 1:54PM
Marketwired
Canterra Minerals Corporation (TSX VENTURE: CTM) (the "Company") -
Mr. Randy Turner, President and Chief Executive Officer is pleased
to report that, pursuant to resolutions passed by the shareholders
of Diamondex Resources Ltd. ("Diamondex") at the annual meeting of
shareholders held on November 19, 2009, effective on the market
opening on December 9, 2009, the Diamondex common shares were
consolidated on the basis of one new share for each ten shares
previously held, and the name Canterra Minerals Corporation was
adopted.
On December 11, 2009, Triex Minerals Corporation ("Triex"), by
way of a Plan of Arrangement, became a wholly-owned subsidiary of
the Company and effective as of today's date, the common shares of
Triex have been delisted from the TSX Venture Exchange. Triex
shareholders will be entitled to receive 0.85 shares of the Company
in exchange for each Triex share held.
A number of tangible benefits are expected to be realized as a
result of the foregoing transactions. These benefits include a more
diversified property portfolio with respect to both commodity focus
and mineral exploration districts and a strengthened group of
officers and directors mandated to advance the existing properties
and aggressively seek out new opportunities. In addition to the
significant savings in general and administrative expenses,
allowing a greater percentage of the Company's working capital to
be directed at exploration and acquisition efforts, the Company's
shareholders will have a more diverse, multi-commodity portfolio
comprising established properties located in Ontario, Saskatchewan,
Alberta and northern Canada, with identified exploration targets
focused on base metals, gold, diamonds and uranium.
The directors and senior management of the Company consist of
Messrs. James E. Eccott, James Excell, Gary R. Lindsay, John A.
McDonald, Hugh C. Morris, Mike Muzylowski and Randy C. Turner.
Messrs. Eccott and Turner will be, respectively, the Chairman and
President & Chief Executive Officer of the Company, while Mr.
David B. Clarke will be Senior Vice President - Exploration, and
Mr. J. Christopher Mitchell will be the Company's Chief Financial
Officer and Corporate Secretary. Dr. Michael Gunning has declined
an invitation to join the board and will be pursuing other business
opportunities. The directors wish to acknowledge his contribution
and service as President & CEO and a director of Triex and wish
him well in his new endeavours.
CANTERRA MINERALS CORPORATION
Randy C. Turner, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
news release.
Contacts: Canterra Minerals Corporation Randy Turner President
604-687-6644 604-687-1448 (FAX)
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