2012-12-12 13:08 PT - News Release
An anonymous director reports
ELECTRIC METALS INC. AND MOIMSTONE CORPORATION ANNOUNCE MEETING RESULTS AND FINAL COURT ORDER APPROVING PLAN OF ARRANGEMENT
The previously announced amalgamation between Electric Metals Inc. and Moimstone Corp. by way of a court-approved plan of arrangement was approved by the shareholders of Electric Metals and the shareholders of Moimstone on Dec. 7, 2012, and Dec. 6, 2012, respectively.
Electric Metals and Moimstone are also pleased to announce that that the Supreme Court of British Columbia issued a final order approving the arrangement on Dec. 10, 2012.
Electric Metals and Moimstone have applied to list the common shares of the amalgamated corporation for trading on the TSX Venture Exchange, and completion of the amalgamation is subject to receiving conditional listing approval from the exchange. The amalgamation will constitute a reverse takeover of Electric Metals, pursuant to exchange Policy 5.2.
About Moimstone
Moimstone was formed and exists under the Canada Business Corporations Act. It is a Canadian technology company principally engaged in the design, development, marketing, and sale of communications equipment and software. It has a wholly owned Korean subsidiary with an eight-year history of supplying voice over Internet protocol telephone equipment and other products to major Korean and international telecommunications carriers. In the six months ended June 30, 2012, Moimstone had revenues of over $15-million. The company's head office is located in Richmond, B.C., Canada.