Mar. 15, 2010 (Filing Services Canada) -- IBI Corp. (IBI - TSX Venture), a junior international mining and investment company, reports that IBI's affiliate company, Grey Crown Resources Limited ("Grey Crown"), currently a private integrated gold exploration company focused on Uganda, and owner of the Tira Gold Mine, held its Annual and Special Meeting of Shareholders (the "Meeting") on March 8, 2010, in Toronto, Canada.
The Meeting covered the statutory requirements for the fiscal years ended December 31 2007 through 2009 as well as special matters. Including registered shareholders present at the Meeting and registered shareholder proxies, 79.0 % of the Company's shares were represented at the Meeting and voted in favour of all matters brought before the Meeting.
Special Resolutions approved at the Meeting included:
* the proposed transaction (the "Transaction") with Sereno Capital Corporation ("Sereno"), a Capital Pool Company listed on the TSX Venture Exchange; and
* amendment of the Articles to remove the restriction from offering shares to the public.
The essence of the Transaction with Sereno is that, if completed, there would be a reverse takeover of Sereno by Grey Crown, including:
* the directors of Sereno would all resign to be replaced by directors nominated by Grey Crown;
* the management of Grey Crown would become the management of the new entity; and
* Grey Crown as the operating business would become a listed company on the TSX Venture Exchange as the "resulting issuer".
There are certain regulatory requirements to be met for the completion of the Transaction, including approval by the Exchange; and that Grey Crown must raise a minimum of $2.5 million in private placement financing.
The Meeting elected Gary A. Fitchett as sole director of Grey Crown pending completion of the Transaction and approved the appointment of MSCM LLP, Chartered Accountants, Toronto, Canada, as auditors, until the next annual meeting which is expected to take place shortly after completion of the Transaction.
IBI Corporation Overview
Uranium: Following a decision to focus on high-value minerals exploration and development in Uganda and East Africa, IBI sold its Namekara Vermiculite Mine in Uganda to Rio Tinto for US $5 million in March 2007, with final closing in March 2008. IBI subsequently has focused primarily on developing opportunities for the exploration and development of uranium in Uganda and Tanzania. IBI's prospective uranium land portfolio is comprised of approximately 2,882 square kilometres in Uganda and Tanzania. The Company is currently seeking to add more uranium lands.
The Company has prepared a proposal for the Government of Uganda for a private/public partnership between IBI Corporation and the Government of Uganda for the exploration and development of IBI's prospective uranium lands towards the goal of creating a nuclear electrical power generation program for Uganda.
Gold: IBI has accelerated its program of investing in promising gold opportunities, most notably through its current ownership position in Grey Crown Resources Limited. Grey Crown owns the Tira Gold Mine in Uganda and has also built a prospective gold lands portfolio of 1,242 square kilometres in the South East Uganda Greenstone Belt, which is considered to be an extension of the Lake Victoria Greenstone Belt where several prominent majors, including Barrick Gold and AngloGold Ashanti, are currently producing gold from proven reserves.
General: In February 2009, IBI entered into a joint venture agreement with Venus Capital Resources Limited in which IBI holds a 20% carried interest in 12 exploration license properties comprising 3,442 square kilometres, and regarding which, Venus is the project operator. The properties are contemplated for uranium, gold, and rare earth minerals exploration.
Reader Advisory: Statements in this document may contain forward-looking information. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, but not limited to, any potential outcomes resulting from the holding of the Annual and Special Meeting of Shareholders of Grey Crown Resources Limited on March 8, 2010, and discussed in this news release. The reader is cautioned not to place undue reliance on this forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)has reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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For further information, please contact:
Gary A. Fitchett CA - President and CEO
Tel: (905) 985-6510
Dennis Mellersh - Investor Relations
Tel: (416) 754-4454
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Source: IBI Corporation (TSX-V: IBI) http://www.IBInvest.com
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