GRAND CAYMAN, Nov. 27 /CNW/ - Firebird Global Master Fund II, Ltd. ("FGMF
II") announces that on November 23, 2007, following the completion of the
business combination by way of amalgamation of Horn Rare Metals Ltd. ("Horn")
with 0792380 B.C. Ltd. ("Newco"), the wholly-owned subsidiary of Janina
Resources Limited (TSX-V: JAN) ("Janina"), and following the name change of
Janina to International Beryllium Corporation (TSX-V: IB) ("IBC"), the
2,830,000 subscription receipts (the "Subscription Receipts") of Newco,
previously held by FGMF II have been automatically converted into units of IBC
(the "Units"). Each Unit is comprised of one common share of IBC and one-half
of one share purchase warrant. Each whole share purchase warrant is
exercisable into an additional common share of IBC on or before November 23,
2009 at a price of $0.75 each.
As a result of the business combination, FGMF II now owns and controls
4,688,621 common shares of IBC and 3,273,621 warrants to acquire the same
number of common shares in the capital of IBC, representing approximately
5.41% of the outstanding common shares of IBC, or assuming the exercise of the
above-mentioned warrants, 8.86% of the outstanding common shares of IBC,
including the common shares deemed to be acquired pursuant to the exercise of
Pursuant to the business combination of Janina with Horn, Firebird Global
Master Fund, Ltd. ("FGMF") and Vangold Resources Ltd. ("Vangold"), former
shareholders of Horn, respectively received 24,390,244 and 25,609,756 common
shares of IBC in exchange for their Horn common shares. Consequently, FGMF and
Vangold respectively own and control 28.16% and 29.32% of the outstanding
shares of IBC.
FGMF, FGMF II and Vangold are deemed to be joint actors under applicable
securities legislation. Collectively, FGMF II and its joint actors have
ownership and control over an aggregate of 54,688,621 common shares and
3,273,621 warrants to acquire the same number of common shares in the share
capital of IBC representing 63.15% of the outstanding common shares of IBC (or
64.49% assuming the exercise by FGMF II of the said warrants, including the
common shares deemed to be acquired pursuant to the exercise of warrants).
FGMF and FGMF II may, from time to time, acquire additional securities of
IBC, may continue to hold their present position or may dispose of their
securities. FGMF II does not make any representation as to the intentions of
Vangold in connection with its holding in IBC.
FGMF II is a contrarian portfolio equity fund that invests in markets
throughout the world.
This press release is being issued in order to comply with the disclosure
requirements under applicable securities legislation. This press release is
not an admission that FGMF II owns or controls any described securities or is
a joint actor with anyone else.
For further information:
For further information: Mr. James Passin, Director, Firebird Global
Master Fund II, Ltd., (212) 698-9260, firstname.lastname@example.org