Name change to: Red Pine Exploration Inc - consolidate shares 1:5
posted on Feb 20, 2009 05:36AM
Acquisition and exploration of gold projects in Northern Ontario
VenCan Gold to consolidate shares 1:5, name change
2009-02-10 11:21 ET - News Release
Mr. Brent Nykoliation reports
VENCAN GOLD CORPORATION ANNOUNCES RESULTS OF ANNUAL MEETING OF STOCKHOLDERS AND MEETING OF BOARD OF DIRECTORS
VenCan Gold Corp.'s annual and special meeting of its stockholders was held on Jan. 27, 2009, at the board of trade of Metro Toronto, First Canadian Place, Third Floor, Toronto, Ont., at 10 a.m. (Toronto time) for the following purposes:
A quorum of the company's outstanding common stock as of the record date of Dec. 10, 2008, was present in person or by proxy at the stockholders meeting.
Holders of more than 90 per cent of the outstanding shares of common stock present at the stockholders meeting voted to approve the re-election of the following persons to serve as directors of the company, each to hold office for a term expiring at the next annual meeting of stockholders or until his successor shall have been duly elected and qualified:
Holders of more than 85 per cent of the shares of common stock cast at the meeting voted to ratify the appointment of Moore Stephens Cooper Molyneux LLP, Chartered Accountants, as the company's independent registered public accounting firm for the financial year ending July 31, 2009, and authorize the directors to fix its remuneration.
Holders of more than 85 per cent of the shares of common stock cast at the stockholders meeting voted to approve continuation of the current stock option plan in accordance with the recommendations as described in the TSX Venture Exchange.
Holders of more than 90 per cent of the shares of common stock cast at the stockholders meeting voted to approve the proposed share consolidation whereby one common share will be issued in exchange for five currently outstanding common shares of the company.
As at Dec. 10, 2008, the record date for the stockholders meeting, the company had 101,138,641 common shares outstanding.
Those shares will convert into approximately 20,227,728 common shares after completion of the share consolidation.
This share consolidation was proposed in order to facilitate future financings by the company that would be accomplished through the issuance of additional company securities.
Holders of more than 90 per cent of the shares of common stock cast at the stockholders meeting voted to approve a name change from Vencan Gold Corporation to
Red Pine Exploration Inc. This name change was proposed in order to better reflect the company's current and continuing exploration and development plans.
Both the share consolidation and the company's name change remain subject to approval from the TSX Venture Exchange.
Management of the company is completing the arrangements to implement its name change and the approved share consolidation, and will advise shareholders and the public as to the effective date for both as soon as those arrangements are finalized.
Board of directors' meeting
The company is also pleased to announce that on Jan. 27, 2008, and following the annual stockholders meeting, a meeting of the board of directors of the company was held in Toronto, Ont., Canada.
At the stockholders meeting, the board of directors unanimously approved the following appointments for the financial year ending July 31, 2009:
Chairman of the board of directors: Elgin M. Wolfe
President and chief executive officer: J.A. Kirk McKinnon
Chief operating officer and chief financial officer: Richard E. Schler