IMA Exploration Inc.: Offer to Aquiline.VANCOUVER, British Columbia -- IMA (Interactive Multimedia Association, Annapolis, MD) An earlier trade association founded in 1988 originally as the Interactive Video Industry Association. It provided an open process for adopting existing technologies and was involved in subjects such as networked services, scripting Exploration Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:IMR IMR - Internet Monthly Report )(AMEX AMEX See: American Stock Exchange :IMR)(BERLIN:IMT IMT, n.pr See inspiratory muscle training. )(FWB (Fixed Wireless Broadband) See fixed wireless. :IMT) (WKN 884971) Mr. Joseph Grosso, President announces on behalf of the Board that IMA has made an offer to Aquiline Resources Inc. to settle its litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. claim involving IMA's Navidad Project. IMA has offered, subject to regulatory approval, the following: To Aquiline for immediate distribution to Aquiline shareholders: - 3,500,000 IMA common shares - 3,500,000 IMA warrants, each having a five-year term entitling the holder to acquire an IMA common share at $4.00. IMA will apply to list these warrants for trading on TSX-V upon expiry of the relevant hold period To Aquiline: - a cash payment of $1,000,000 The Board has been advised that IMA has a high probability of success at trial. However, the offer is being made to avoid or minimize the inherent risks of litigation, the significant legal costs and the impact that this litigation has on the Company's business plan to develop Navidad. A quick resolution of this litigation is in the best interests of the shareholders of both companies as it will rapidly unlock the true value of IMA and its Navidad Project. By accepting the offer and becoming shareholders of IMA, Aquiline shareholders will participate in the significant upside potential that will continue to be created by the IMA management team. They will also retain their ownership interest in Aquiline and its many projects. Aquiline shareholders, under this offer, will receive an assured and quantifiable benefit immediately and potentially a multiple of that benefit from their ownership in IMA rather than the uncertainty of the result of a trial. The offer is open for acceptance until 5:00 PM (Vancouver time) on October 5, 2005. ON BEHALF OF THE BOARD Mr. Joseph Grosso, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. 2005 Number 22 The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or the accuracy of this release. IMA Exploration Inc. (TSX VENTURE:IMR) (AMEX:IMR) (FRANKFURT:IMT) (BERLIN:IMT) |
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