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Re: News Releases - Monday, March 10, 2008
Orebodies Announces Acquisition of Coral Rapids Project, Hawkins
Project and Webequie Area Projects Pursuant to Baltic Agreement
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TORONTO, March 10, 2008 -- Canadian Orebodies Inc. ("Orebodies") is
pleased to announce that it has acquired Baltic's interest in the Coral
Rapids Project, the Hawkins Project, and the Webequie Area Projects as
a result of the completion of the arrangement (the "Arrangement") of
Baltic Resources Inc. ("Baltic") involving Orebodies, PhosCan Chemical
Corp. ("PhosCan") and 1366825 Alberta Ltd.
The Arrangement was approved by the shareholders of Baltic on March 4,
2008, and by the Court of Queen's Bench of Alberta on March 7, 2008 and
became effective today. For more information concerning the
Arrangement, please refer to Baltic's management information circular
dated February 1, 2008, filed on SEDAR at www.sedar.com.
Pursuant to the Arrangement, Baltic transferred to Orebodies all of
Baltic's assets other than Baltic's interest in the Martison Phosphate
Project and 90% of the proceeds of warrants and options of Baltic
exercised since October 29, 2007, and Orebodies has assumed all of
Baltic's liabilities, other than advances made by PhosCan on Baltic's
behalf in respect of the Martison Phosphate Project.
Under the Arrangement, Baltic shareholders as of market close March 7,
2008, received in exchange for each common share of Baltic, one common
share of Orebodies, and Baltic options have been exchanged for
Orebodies options which entitle the holders thereof to acquire 800,000
Orebodies shares at an exercise price of $0.03 per share until August
15, 2010. Orebodies is also committed to issuing up to 420,000
Orebodies shares upon the exercise of the outstanding Baltic warrants
in exchange for $0.04 per Orebodies common share until March 29, 2009.
The listing of the shares of Orebodies has been conditionally accepted
by the TSX Venture Exchange, subject to the filing of certain
post-closing documentation. Orebodies will have 37,030,899 shares
outstanding and 38,090,899 fully diluted.
Gordon McKinnon, Chief Executive Officer of Orebodies, said "We are
pleased to finalize the arrangement to consolidate 100% interest in the
Martison project with PhosCan. In addition, I am eager to move forward
with Canadian Orebodies and we will waste no time doing so. Orebodies
is acquiring quality projects through this transaction, all with the
potential to create excellent value for our shareholders. This is an
exciting time for us and we look forward to a strong year with the new
company."
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Copyright (c) 2008 BALTIC RESOURCES INC. (BLR) All rights reserved.
For more information visit our website at
http://www.balticresources.ca/ or send mailto:akelcey@christinet.ca
Message sent on Mon Mar 10, 2008 at 11:32:12 AM Pacific Time
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