Nevada Bob's announces change of business



    CALGARY, June 6 /CNW/ - Nevada Bob's International Inc. (the "Company")
(TSXV - NBI.U) announces that it has entered into a Letter of Intent dated
June 6, 2008 to acquire 100% of the issued and outstanding shares of Loncor
Resources Inc. ("Loncor"), all of which such shares are held by Arnold Kondrat
(the "Vendor"). Loncor is a private company continued under the laws of
Ontario that holds as its primary asset all of the shares of Loncor Resources
Congo SPRL ("Loncor Congo"). Loncor Congo, a wholly-owned subsidiary of
Loncor, is a private company existing under the laws of the Democratic
Republic of Congo ("DRC") that controls four exploration permits in the Bas
Province of the DRC and 46 exploration permits in North Kivu in the DRC. The
Letter of Intent establishes the terms and conditions upon which the parties
thereto will enter into a definitive agreement to complete the acquisition.
The acquisition will constitute a change of business ("COB") for the Company
under the policies of the TSX Venture Exchange (the "Exchange"), resulting in
the Company becoming a mining issuer. As part of the COB, it is intended that
the Company will change its name to "Loncor Resources Inc.". The acquisition
is subject to Exchange approval and the acceptance of the Company's
shareholders. The Company intends to seek shareholder approval of the COB
transaction and related matters by way of written consent. As such, the
Company is currently preparing a "Filing Statement" in accordance with
Exchange policy and a copy of same will be available at www.SEDAR.com once the
Exchange has conditionally approved the matters referred to therein.
    To acquire Loncor, the Company will issue to the Vendor 3,000,000 common
shares of the Company valued at US$0.17 per common share representing a deemed
aggregate purchase price of US$510,000, in exchange for all issued and
outstanding shares of Loncor. Currently the Company has 24,753,247 common
shares issued and outstanding.
    Currently the Company's primary business is the licensing of the right to
use the Nevada Bob's trademarks in connection with operating retail golf
stores internationally, excluding the U.K., Europe, Canada and the United
States and certain other golf related, non-Nevada Bob's trademarks
internationally, including the U.K., Europe, Canada and the United States.
Upon completion of the COB the Company expects to retain and continue to
operate its existing licensing business.
    Management of the Company going forward will be its current directors
and/or officers, namely: Arnold Kondrat, Kevin Baker, Richard Lachcik, William
Wilson, Geoffrey Farr and Donat Madilo.

    About Loncor, Loncor Congo and the properties

    Loncor, through its wholly-owned subsidiary Loncor Congo, controls four
exploration permits in the Bas Congo province of the DRC which are considered
to be prospective for primary and alluvial gold deposits. The Loncor Congo
area of interest which covers a total area of almost 160,000 hectares is
centered on the town of Tshela, situated 100 km north of the Congo River and
sandwiched between the Cabinda and Zaire Provinces of Angola. Loncor Congo
also controls 46 exploration permits in North Kivu in the DRC.
    The following is a summary of significant (a) unaudited financial
information of Loncor for the three month period ended March 31, 2008 and (b)
audited financial information about Loncor as of its financial years ended
December 31, 2007 and 2006:

    
    -------------------------------------------------------------------------
                                March 31, 2008  Dec. 31, 2007  Dec. 31, 2006
    -------------------------------------------------------------------------
    Total Assets                  US$2,432,956   US$2,146,981     US$732,823
    -------------------------------------------------------------------------
    Total Liabilities             US$2,531,197   US$2,184,348     US$341,374
    -------------------------------------------------------------------------
    

    Sponsorship

    Haywood Securities Inc. has been retained as the sponsor and has
initiated its due diligence in connection with the acquisition as required
under Exchange policies.

    Non-Arm Length's Parties

    The Vendor who resides in Ontario, is both a director and officer of each
of the Company and Loncor, and holds approximately 34.9% of the Company's
issued and outstanding common shares and 100% of Loncor's issued and
outstanding common shares.
    Kevin Baker who resides in Alberta, is a director and officer of the
Company and holds approximately 34.1% of the Company's issued and outstanding
common shares.
    Geoffrey Farr who resides in Ontario, is a director of the Company and an
officer of Loncor. Although this acquisition is a related party transaction,
completion of the acquisition will not be subject to the shareholder meeting
and valuation requirements of Exchange Policy 5.9 which incorporates
Multilateral Instrument 61-101, together with Companion Policy 61-101CP, as
the fair market value of the transaction will not exceed 25% of the market
capitalization of the Company. However, as set forth above, shareholder
approval of the transaction will be obtained by way of written consent and
will exclude those votes attaching to common shares of the Company held by any
directors and/or officers of the Company or other non-arm's length parties to
the issuer and to the COB.

    Completion of the transaction is subject to a number of conditions,
    including Exchange acceptance and disinterested shareholder approval. The
    transaction cannot close until the required Shareholder approval is
    obtained. There can be no assurance that the transaction will be
    completed as proposed or at all.

    Investors are cautioned that, except as disclosed in the Filing Statement
    to be prepared in connection with the transaction, any information
    released or received with respect to the COB may not be accurate or
    complete and should not be relied upon. Trading in the securities of
    Nevada Bob's International Inc. should be considered highly speculative.

    The TSX Venture Exchange has in no way passed upon the merits of the
    proposed transaction and has neither approved nor disapproved the
    contents of this press release.

    Haywood Securities Inc., subject to completion of satisfactory due
    diligence, has agreed to act as sponsor to Nevada Bob's International
    Inc. in connection with the transaction. An agreement to sponsor should
    not be construed as any assurance with respect to the merits or the
    likelihood of completion.





For further information:

For further information: Kevin Baker, President and Chief Executive
Officer, Nevada Bob's International Inc.: Phone: (403) 698-8560; Fax: (403)
269-1715

Organization Profile

NEVADA BOB'S INTERNATIONAL INC.

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