PBX Shareholders Approve OZ Minerals Agreement
08.08.2012 | The Newswire
VANCOUVER, B.C.– International PBX Ventures Ltd. (“PBX” or the "Company") (TSX.V:PBX) is pleased to announce the results of its Special General Meeting (the “Meeting”) of the shareholders held on August 3, 2012 where PBX shareholders voted on a resolution approving the Company’s definitive Joint Venture Option Agreement (the "Agreement") with OZ Exploration Chile Limitada, a wholly owned subsidiary of OZ Minerals Limited (ASX:OZL) of Melbourne, Australia ("OZ Minerals"), on PBX's Copaquire copper molybdenum property (“Copaquire”) in northern Chile. The terms of the Agreement allow OZ Exploration Chile Limitada to earn a 90% interest in Copaquire by making cash payments of $90 million.56,471,798 shares were voted representing approximately 40.8% issued and outstanding Common Shares with 95.7% (54,082,648) voting in favour of the resolution and 4.3% (2,389,150) voting against.
“I am very pleased with the overwhelming shareholder approval of the OZ Minerals agreement. PBX shareholders recognize the tremendous added value that a strong partner and experienced mine builder will add to the Copaquire project,” said George Sookochoff, CEO. ”We now look forward to working with OZ Minerals in further advancing the Copaquire copper molybdenum project with its potential to become a significant operating mine in Chile.”
The Agreement remains subject to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.
“George Sookochoff”
George Sookochoff, CEO
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 release.
We seek safe harbour.