Vancouver, BC / ACCESWIRE / June 11, 2014 / The Company is pleased to announce that its Annual and Special Meeting of Shareholders was completed on June 10, 2014. All items were passed by the shareholders and the Board of Directors is comprised of W.K.C. Clarke, Al Fabbro, Richard Jordens, Glen Macdonald, and Bruce Hamilton who were all re-elected to stand for a period of one year.
The Company held a Directors Meeting following the Annual and Special meeting and further to its news releases concerning its Nunavut projects (May 26, 2014 and June 2, 2014), elected Mr. Steve Wilkinson as a Director of the Company and appointed Mr. Bruce Goad, P.Geo, to the Advisory Board. The Company also accepted the resignation of Mr. Al Fabbro as President of the Company and appointed Mr. Wilkinson as the new President. Mr. Fabbro will remain as a Director.
Further, the Board recommended that the Company notify both the TSX.V and Computershare Investor Services of its intention to consolidate its outstanding shares on a 2:1 basis leaving 18,535,055 shares issued and outstanding before either the Inukshuk Exploration Incorporated and Elgin Mining Inc. arrangements have been approved by the TSX.V. The application to approve both Nunavut transactions will be submitted to the Exchange for ratification shortly.
The Board further agreed to pursue a "Shares for Debt" arrangement with certain debtors and will apply for acceptance of that transaction to the Exchange. This will be undertaken to significantly reduce the Company's working capital deficit. The Company also is working to close a financing announced on May 26, 2014 and anticipates announcing that closing shortly.
Lastly, the Company fully expects to commence its summer program in Nunavut this month and has applied for all permits to allow that program to begin. The Company will provide regular updates on its progress.
Chairman and Chief Executive Officer
Telephone: (604) 685-1144
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This news release contains certain "forward-looking information" within the meaning of Canadian securities laws. Actual results may differ materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact, including, without limitation, information regarding future production, is considered forward-looking information and involves various risks and uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: WPC Resources Inc