TSXV: PNO.H
VANCOUVER,
Jan. 16, 2014 /CNW/ - PNO
Resources Ltd. (the "Company") (TSXV: PNO.H) announces that it
will proceed with its proposed share consolidation (the
"Consolidation"), as announced in its news release dated
November 1, 2013, on the basis of ten
(10) pre-Consolidation common shares for one (1) post-Consolidation
common share. The Consolidation was approved by the Company's
shareholders at its Annual General and Special Meeting held on
December 2, 2013, and will be
effective at the open of the market on Friday, January 17, 2014 (the "Effective
Date").
As at the Effective Date, the Company will have
approximately 7,441,645 common shares issued and outstanding.
The Company will not change its name as part of the Consolidation
but will issue new share certificates under a new CUSIP number,
which is 69353k202. The Company's common shares will continue
to trade on the NEX Board of the TSX Venture Exchange under its
current symbol "PNO.H".
The Company further announces that at the
Meeting its shareholders voted to adopt amendments to the Company's
Articles to include advance notice provisions (the "Advance Notice
Provisions").
The Advance Notice Provisions include, among
other things, a provision that requires advance notice be given to
the Company in circumstances where nomination of persons for
election to the Board are made by shareholders of the Company.
The Advance Notice Provisions set a deadline by
which shareholders must submit nominations (a "Notice") for the
election of directors to the Company prior to any annual or special
meeting of shareholders. The Advance Notice Provisions also
set forth the information that a shareholder must include in the
Notice to the Company, and establish the form in which the
shareholder must submit the Notice for that notice to be in proper
written form.
In the case of an annual meeting of
shareholders, a Notice must be provided to the Company not less
than 30 days and not more than 65 days prior to the date of the
annual meeting. However, in the event that the annual meeting
is to be held on a date that is less than 50 days after the date on
which the first public announcement of the date of the annual
meeting was made, a Notice must be provided to the Company not
later than the close of business on the 10th day following such
public announcement.
In the case of a special meeting of shareholders
(which is not also an annual meeting) notice to the Company must be
made not later than the close of business on the 15th day following
the day on which the first public announcement of the date of the
special meeting was made.
A copy of the Company's amended Articles
containing the Advance Notice Provisions is available under the
Company's profile on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
|
"Christy Louth" |
Per: |
________________ |
|
Christy Louth |
|
President and Director |
|
|
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
SOURCE PNO Resources Ltd.