November 27, 2007 – VANCOUVER, B.C. – Janina Resources Limited (TSXV:JAN) – Anthony G. Dutton, Chief Executive Officer and director of Janina Resources Limited (“Janina”) and Dal Brynelson, President of Horn Rare Metals Ltd. (“Horn”) are pleased to announce the successful completion of the amalgamation, reverse take-over and name change of Janina to International Beryllium Corporation.
In connection with a Filing Statement of Janina dated November 15, 2007 which can be found on SEDAR at www.sedar.com, a majority of the shareholders of Janina consented to the amalgamation, name change and reverse take-over.
In addition, Janina requested a new stock symbol for trading under its new name International Beryllium Corporation (“IBC”) which was approved by the TSX Venture Exchange. The new symbol for TSX Venture Exchange trading will be “IB” effective November 28, 2007. The headquarters of the Company will continue to be in Vancouver, British Columbia.
Shareholders will be contacted and instructed on how to exchange their existing share certificates for share certificates of IBC.
On July 27, 2007 Janina closed a private placement of subscription receipts of its wholly owned subsidiary. Effective November 23, 2007 the subscription receipts have been automatically converted into units of IBC without any further action on the part of the subscribers. The subscription receipts have been automatically cancelled and the net subscription proceeds plus interest earned thereon have been released by the Escrow Agent to IBC. Each unit is comprised of one common share of IBC and one-half of one share purchase warrant. Each whole share purchase warrant will be exercisable into an additional common share of IBC on or before November 23, 2009 at a price of $0.75 each. The gross proceeds received by IBC from the subscription receipts financing was $10,055,000. Bolder Investment Partners, Ltd. acted as agent for part of the financing and in connection therewith was paid $80,000 from the gross proceeds of the subscription receipt financing.
Pursuant to the amalgamation Janina’s wholly owned subsidiary amalgamated with Horn Rare Metals Ltd. (“Horn”) to form International Beryllium Holdings Ltd. As well, as part of the amalgamation, Firebird Global Master Fund, Ltd. (“Firebird”) a former shareholder of Horn, received 24,390,244 common shares of IBC in exchange for its Horn common shares and VanGold Resources Ltd. (“VanGold”) received 25,609,756 common shares of IBC in exchange for its Horn common shares.
Consequently, Firebird holds directly 28.16% of the issued and outstanding shares of IBC and VanGold holds 29.32% of the issued and outstanding shares of IBC.
Part of the proceeds from the financing will be used to fund the 2008 exploration program on the IBC’s beryllium exploration properties located in the Minas Gerais province of Brazil.
The objective of International Beryllium Corporation is to become a premier vertically integrated beryllium and beryllium alloy processing and distribution company marketing to major beryllium users internationally.
As a result of the closing of the amalgamation and the conversion of the subscription receipts the Company now has 86,601,494 common shares issued and outstanding and $10.3 million cash on hand.
The RTO and related transactions are subject to the final bulletin of the TSX Venture Exchange.
International Beryllium Corporation
Anthony G. Dutton, CEO
Telephone: 604.689.1515 ext 111
This release was prepared by management of International Beryllium Corporation who takes full responsibility for its contents. The TSX Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release.
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