ROCHE BAY PLC ANNOUNCES JOINT VENTURE WITH ADVANCED EXPLORATIONS INC
Gibraltar, 7 June, 2007
Roche Bay plc (US OTC: RCHBF) is pleased to announce the formation of a joint venture with Advanced Explorations Inc (TSX: AXI) of Toronto to develop part of Roche Bay's extensive iron ore deposits in northeastern Canada.
Full details of development plans for the joint venture are available in a separate release issued today by Advanced Explorations. As part of the agreement, Advanced Explorations becomes the operator of the project and, as a consequence, Roche Bay has become a holding company of iron ore assets rather than an operating mining exploration company.
Roche Bay is also announcing a dividend to be issued to shareholders of record on 4th June 2007. This dividend will grant one Advanced Explorations Inc share purchase right for every two shares of Roche Bay plc held. Due to a four month hold of the rights by Roche Bay the dividend issue date will be Monday 8th October to the shareholders. The rights that are being distributed enable Roche Bay shareholders to purchase Advanced Explorations Inc shares for up to three years from 4th June at Canadian $0.35 per share.
At the Company's Annual General Meeting on 26th June, Roche Bay shareholders will be asked to decide whether shareholders resident in the United States will be given the option to receive the dividend share rights either as fully-paid shares or as a cash equivalent, so that Roche Bay plc does not conduct a US offering of Advanced Explorations share rights.
This dividend represents the first step in providing market value to Roche Bay shareholders for their stake in Roche Bay.
ABOUT ROCHE BAY PLC
Roche Bay (US OTC: RCHBF) is a mineral assets holding company with a large iron ore resource base in northeast Canada consisting of two groups of ore bodies: the Eastern which is the current focus, and the Western which will support an inter-generational life of mine. The Company is domiciled in Gibraltar. Its ultimate majority shareholder is Borealis Exploration Limited (US OTC: BOREF). Please see the Company website at www.rochebay.com for more details.
ABOUT ADVANCED EXPLORATIONS INC.
AEI, based in Toronto, Canada, has been developing a strategy to leverage its expertise and experience in identifying business opportunities within the Resource sector. The company has recently expanded its capabilities in iron ore with the acquisition of strategic management personnel. AEI has the technological and exploration expertise to assist advancement of the Roche Bay iron ore project, as well as develop new opportunities in the area and globally. Shares of the company trade on the TSX board of the Toronto Stock Exchange under the symbol AXI.
This information is provided by RNS
Copyright © 1995 - 2009 Borealis Exploration Limited. All rights reserved.
Wheeltug and Chorus are Registered Trade Marks of Borealis Technical Limited
Forward-Looking Statement may be found at http://www.borealis.gi/fwdlook.shtml