God's Lake Resources Inc. Announces Results of Special Meeting of Shareholders
TORONTO, Nov. 23, 2018 (GLOBE NEWSWIRE) -- God's Lake Resources Inc. (the Corporation) (CSE:GLR) is pleased to announce that its proposed change of business from a mineral resource exploration company to an investment holding company (the Proposed COB) was approved today at a special meeting of shareholders (the Meeting).
The shareholders also elected Edward Jackson as a director of the Corporation and confirmed an advance notice by-law and a new general by-law.
At the Meeting, the shareholders also approved amending the Articles of the Corporation (the Articles) to reorganize the Corporation's capital to: (i) create a new class of convertible shares to be classified as "multiple voting shares" in an unlimited number, and (ii) change the classification of each common share in the capital of the Corporation into a "subordinate voting share" and to change the rights, privileges, restrictions and conditions of such shares, and (iii) consolidate the issued and outstanding subordinate voting shares and multiple voting shares, on the basis of up to 7.24 pre-consolidation shares being consolidated into one (1) post-consolidation share, with such ratio being determined by the board of directors of the Corporation (the Proposed Capital Reorganization).
Additionally, the shareholders approved further amending the Articles to (i) increase the maximum number of directors of the Corporation from 5 to 11, such that the number of directors of the Corporation shall be between 3 and 11; and (ii) authorize the directors to appoint one or more additional directors between annual meetings; provided that the number of such additional directors shall not exceed one-third of the number of directors who held office at the termination of the last annual meeting (the Proposed Governance Amendments).
Finally, the shareholders approved the proposed private placement of multiple voting shares to FAX Investments Inc. for gross proceeds of up to $4,000,000 at a subscription price of $0.72 per share (the Proposed Private Placement).
The completion of the Proposed COB is subject to, among other things, the final approval of the Canadian Securities Exchange (the CSE) and the completion of the Proposed Private Placement. The completion of the Proposed Private Placement is subject to the completion of the Proposed Capital Reorganization.
Further information concerning all of the above described matters, including copies of the Corporation's recently enacted advance notice by-law and new general by-law, may be found in the amended and restated management information circular dated October 23, 2018, which is posted on SEDAR at www.sedar.com.
For additional information please contact:
Edward Merchand, CFO
(416) 364-8788
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained or referred to in this press release includes, but may not be limited to, the future strategy of the Corporation and proceeding with the matters approved by shareholders including the Proposed COB, the Proposed Capital Reorganization and the Proposed Governance Amendments.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the Corporation's inability to receive final approval of the CSE to complete the Proposed COB or the Corporation's inability to complete the Proposed Capital Reorganization and, therefore, the Proposed Private Placement. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of the Corporation based on information currently available to the Corporation.
Forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be put on such information due to the inherent uncertainty therein. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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