TORONTO, Aug. 24, 2010 (GLOBE NEWSWIRE) -- China Opportunity Inc. ("COC") (TSX-V:COC-P) is pleased to announce that it has closed its previously announced Qualifying Transaction. Pursuant to the Qualifying Transaction, COC has entered into a definitive option agreement with Bridgeport Ventures Inc. pursuant to which COC will have an option to earn up to a 70% interest in the McCart Property, a nickel mineral exploration property located in Timmins, Ontario. COC will be the operator of the McCart Property.
In connection with the closing of the Qualifying Transaction, Terence Donnelly, Henry Harris and Allan Kaplan resigned as directors of COC while Steven Berger and Jesse Kaplan were appointed as new directors. The board of COC now consists of David Stefansky, Yaron Conforti, Jesse Kaplan and Steven Berger. Terrence Donnelly resigned as CEO and Yaron Conforti resigned as the CFO of the company, replaced by Jesse Kaplan as Chief Executive Officer and Carmelo Marrelli as Chief Financial Officer.
For further information on the Qualifying Transaction, please refer to COC's Filing Statement dated August 20, 2010 which is available on SEDAR (www.sedar.com).
Subject to TSX Venture Exchange acceptance of final materials in respect of the Qualifying Transaction, it is expected that the common shares of COC will be re-instated for trading on the TSX Venture Exchange on or about August 30, 2010.
The TSX Venture Exchange has in no way passed upon the merits of the proposed qualifying transaction and has neither approved nor disapproved the contents of this press release.