The Acquisition is a "related party transaction" within the meaning of OSC Rule 61-501 ("Rule 61-501") and, as such, required the approval of a majority of votes cast at the special meeting of Eurasia's shareholders (held today) present in person or by proxy, excluding votes cast by those Eurasia shareholders required to be excluded pursuant to the minority approval provisions of Rule 61-501. No excluded votes were cast at the meeting and as a result 99.9% of the 40,315,265 votes cast by minority shareholders on the resolution were cast in favour.
The parties will proceed to complete the Acquisition and have agreed to amend the time for completion of the Acquisition until March 31, 2007. Given the postponement of the Company's secondary listing on the Main Market of the London Stock Exchange and the offering of new shares to institutional investors, the Company has agreed to a private placement of C$20 million of new treasury shares to its controlling shareholder in order to meet near-term funding requirements for the new projects. The shares will be issued at the market price determined at the close of trading on March 13, 2007. The Acquisition will close following completion of this private placement. The Company will continue to evaluate longer term financing alternatives.
The private placement remains subject to all required regulatory approvals, including those of the Toronto Stock Exchange.
Eurasia shareholders also approved a special resolution authorizing Eurasia to make a continuation application to the registrar under the Business Corporations Act (British Columbia) for the continuation of Eurasia as a company under that Act. -- www.cnxmarketlink.com
Posted March 14th, 2007 by ruzik_tuzik
