REMO RESOURCES INC V.RER

Rollback 6.8 shares to 1....going copper mining

[ALTEL]

Summary of the proposed transaction

The proposed transaction will be effected by way of a three-cornered amalgamation without court approval under the Business Corporations Act (British Columbia), pursuant to which Remo will acquire, through the amalgamation of a newly incorporated British Columbia subsidiary of Remo with Chakana, all of the issued and outstanding shares of Chakana in exchange for postconsolidated common shares of Remo and Chakana will become a subsidiary of Remo.

Prior to the closing of the proposed transaction, Remo will consolidate its share capital on a basis of 6.834615 old shares for one new share and change its name to Chakana Copper Corp. or such other name as agreed by the parties. Pursuant to the proposed transaction, the shareholders of Chakana will receive one postconsolidated Remo share for each Chakana share held at a deemed issue price of 50 cents per Remo share and all of the currently issued and outstanding Remo share purchase warrants will be cancelled. Chakana holds approximately $2.5-million in cash as at the date of this news release. Prior to closing of the proposed acquisition, Chakana intends to complete a non-brokered private placement through the issuance of no less than 12 million shares at a price of 50 cents per share for gross proceeds of no less than $6-million.

[PianoMan]

Strange that they release 2 great holes in the middle of a takeover PR...