WPC Resources Inc Reports on 2014 Annual and Special Meeting and Elects New Director and President to the Board
June 11 2014 - 12:08PM
Access Wire
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.
W.K.C. Clarke
Chairman and Chief Executive Officer
Telephone: (604) 685-1144
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS AND INFORMATION
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
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