VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/07/12)- Virginia Energy Resources Inc. (VAE.V)(VAERF) is pleased to provide an update on its Plan of Arrangement, the Annual General and Special Meeting ("AGM"), and other corporate matters.
The Joint Information Circular, which details the planned spin out of Virginia Uranium Ltd. ("VUL"), and its subsequent merger with VA Uranium Holdings ("Holdco"), was mailed to all shareholders on July 24, 2012. Shareholders are encouraged to vote their proxies to ensure the success of the proposed transaction. Following the spin out, Virginia Energy Resources will change its name to Anthem Resources Incorporated ("Anthem Resources"). The new company that results from the merger of VUL and Holdco will own 100% of the Coles Hill project and shall take over the name Virginia Energy Resources Inc. ("Virginia Energy" or "VAE").
After the transaction is completed, the current VAE shareholders will own 100% of Anthem and 29.4% of the new Virginia Energy.
This corporate reorganization will be undertaken through a Plan of Arrangement. The purpose of the reorganization is to enhance value for all shareholders by simplifying the ownership structure of the Coles Hill project into a single publicly traded company and to facilitate the ability of the market to more fully recognize the underlying values and different risk profiles of the early stage exploration targets and the more advanced development stage project located in the state of Virginia.
The date of the Annual General and Special meeting of the Company has been set for Monday August 20, 2012, at 11:00 a.m. at 10th floor, 595 Howe Street, Vancouver, B.C. during which the shareholders will be asked to approve, among other things, the Plan of Arrangement.
In support of the Arrangement, the Company filed a National Instrument 43-101 ("NI 43-101") technical report entitled "Preliminary Economic Assessment Update - Virginia Energy Resources Inc. - Coles Hill Uranium Property, Pittsylvania County, Virginia, United States of America" dated June 2012, and prepared by Lyntek Incorporated of Lakewood, Colorado and BRS Engineering of Riverton, Wyoming, and a NI 43-101 technical report entitled "Mineral Potential Assessment and Exploration Proposal on the Fir Island Property, Black Lake, Saskatchewan" dated June 2012 and prepared by N. Ralph Newson, MSc., P.Eng., P.Geo. of Brockville, Ontario.
The Technical Reports are available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.virginiaenergyresources.com.
http://finance.yahoo.com/news/virginia-energy-provides-corporate-131500650.html
