Vancouver, B.C. Canada / ACCESSWIRE / September 15 2014 / Jet Gold Corp. ("Jet Gold" or the "Company") (TSX-V: JAU) is pleased to announce that all the resolutions proposed at its annual general and special meeting of shareholders of the Company held on Friday, September 12, 2014 (the "Meeting") were duly passed. Shareholders have elected Tim Fernback, Ryan Cheung, Ryan Goodman, Michael Lerner and David Morris to the Company's board of directors.
At the Meeting, the shareholders of the Company also approved a consolidation of the common shares of the Company (the "Shares"). The directors of the Company will proceed with a consolidation of its Shares on the basis of one (1) post-consolidated Share for every three (3) pre-consolidated Shares (the "Consolidation"). The Consolidation is subject to the approval of the TSX Venture Exchange (the "Exchange").
Upon receipt of approval from the Exchange on the Consolidation, the Company will proceed with a non-brokered private placement of up to 20,000,000 units (the "Units") at $0.10 per Unit for gross proceeds of up to $2,000,000 (the "Offering").
Each Unit will consist of one post consolidated Share and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional post consolidated Share (a "Warrant Share") at a price of $0.25 per Warrant Share for a period of five years from the closing of the Offering.
The Company may pay a finder's fee on the Offering within the amount permitted by the policies of the Exchange. Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The proceeds from the Offering will be used to fund property acquisitions and for general working capital.
More information is available by contacting Tim Fernback at 604.340.3774.
ON BEHALF OF JET GOLD CORP.
Tim Fernback
Director and CEO
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
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SOURCE: Jet Gold Corp.