Vancouver, BC, Canada:Bard Ventures Ltd. (the “Company”) (TSX-V CBS)announces that it will propose to its shareholders at its next Annual General and Special Meeting, an arrangement agreement (the “Arrangement Agreement”) with Beatrix Ventures Inc. (“Beatrix”), a company newly incorporated under the laws of British Columbia.The purpose of the Arrangement Agreement is to reorganize the Company’s business units and optimize shareholder value by separating its investments in mineral exploration properties from its other investments in the resource sector.The Company’s Opikeigen (Gold) Property will be transferred to Beatrix to enable Bard to focus on its core asset, the Lone Pine Molybdenum resource discovery.
The Arrangement Agreement will provide that the shareholders of the Company will receive one-tenth of a common share of Beatrix for each common share of the Company held by them (the “Arrangement”), with the result that the shareholders of the Company will also become shareholders of Beatrix for no cost to the shareholder.Following completion of the Arrangement, Beatrix will become a reporting issuer in each of the jurisdictions that the Company is a reporting issuer, and intends to seek a listing on the Canadian National Stock Exchange.
Completion of the transactions contemplated by the Arrangement Agreement is subject to the approval of the shareholders of the Company and the Supreme Court of British Columbia.The Company plans to hold its Annual General and Special Meeting in the next few months, following completion of its September 30th fiscal year-end audit, at which time it intends to seek shareholder approval of the Arrangement.
Eugene Beukman, President of Bard, states, “Bard Ventures has reached the stage that it needs to focus on the expansion and development of the Molybdenum resource.By creating a new company for the gold assets, we will be able to explore for precious metals in the new company and also intend to add properties of value to enhance shareholder value in both companies.These are very exciting times for the Company”.
CORPORATE UPDATE
The Company alsowishes to announce that on October 9, 2009, the Company granted incentive stock options to its insiders, consultants and employees to purchase an aggregate 4,100,000 shares of the Company at a price of $0.20 per share.The options are subject to vesting provisions for the first 18 months and expire on October 9, 2014.
On behalf of:
Bard Ventures Ltd.
“Eugene Beukman”
Eugene Beukman, President
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This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward‑looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at http://www.sedar.com/">www.sedar.com for further information.
