High Tide Resources Corp. press release

Nevada Bob's receives conditional approval for Change of Business and files Filing Statement

2008-11-12

CSE - Canadian National Stock Exchange · Iron · Copper · Nickel · Cobalt · Canada

TORONTO, Nov. 12 /CNW/ - Nevada Bob's International Inc. ("Nevada Bob's" or the "Company") ("TSXV" - "NBI") is pleased to announce that the TSX Venture Exchange has conditionally approved its previously announced proposed Change of Business (the "COB") which involves the acquisition of 100% of the issued and outstanding shares of Loncor Resources Inc. ("Loncor"). Loncor 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 (see press releases dated June 6, 2008 and August 18, 2008). The Company has filed a Filing Statement on SEDAR which discloses, among other things, the details of the proposed acquisition of Loncor as well as a NI 43-101 technical report on the properties held by Loncor Congo in the Bas Congo Province of the Democratic Republic of Congo.

In accordance with the rules of the TSXV, prior to closing the COB, the Company requires the written consent to the COB from certain shareholders holding in excess of a majority (by holdings) of the issued and outstanding shares of the Company. Details of the COB and the acquisition terms are described in the Filing Statement. Completion of the COB is subject to the Company satisfying conditions to comply with TSXV policies. The Company anticipates that it will be able to meet these conditions and that the COB will be completed on or about November 21, 2008 but in any event no later than November 28, 2008.

Upon the completion of its COB, Nevada Bob's will become a Canadian-based gold exploration company focused on the development of four exploration permits in the Bas Province of the DRC and shortly thereafter, it is expected that the Company will, subject to regulatory approval, amalgamate with Loncor and the amalgamated entity will be named "Loncor Resources Inc.".

Completion of the transaction is subject to a number of conditions, including final Exchange approval 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, 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.

Forward-Looking Information: This press release contains forward-looking statements and information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the Company's proposed COB are forward-looking statements). These forward-looking statements and information reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements and information are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to complete the COB. Any forward-looking statement and information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement and information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements and information are reasonable, forward-looking statements and information are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.