General Meeting News ReleaseNot what most of us wanted to hear.......
Azure shareholders support changes; raises $197,350
Azure Resources Corp (TSX-V:AZR)
Shares Issued 31,619,895
Last Close 7/8/2005 $0.045
Monday July 11 2005 - News Release
Mr. Adrian Rollke reports
AGM RESOLUTIONS PASSED -- APPROVAL OF CHANGE OF CONTROL IN CONNECTION WITH SERUYUNG OPTION AGREEMENT AND CLOSING OF PRIVATE PLACEMENT
Azure Resources Corp.'s annual and special general meeting, held on Friday, July 8, 2005, was successful, with shareholder approval of all agenda items having been obtained, including the following resolutions:
the change in control that will occur as a result of the issuance of the initial block of 14 million common shares (four million consolidated common shares) in connection with the Seruyung option agreement (as disclosed in Azure's news release in Stockwatch dated June 7, 2005), a National Instrument (NI) 43-101 geological report will now be commissioned and filed upon completion;
a share consolidation on a 1:3.5 basis. There are 35,566,895 shares issued, including the recent financing described below. After the share consolidation, 10,161,970 shares will be issued, with the initial block of four million consolidated common shares also to be issued in connection with the Seruyung option agreement disclosed above;
the authorized common share capital of the company is to be increased to an unlimited number of common shares without par value; and
the company will be changing its name in accordance with TSX Venture Exchange policy -- in this regard, the proposed new name, which has been reserved with the TSX-V and the Registrar of Companies for British Columbia is Pencan Mining Corp."
Further information as to the timing of the implementation of the share consolidation and change of name will be disseminated in due course.
Azure has also closed a $197,350 private placement, as originally announced in Stockwatch on May 10, 2005. The private placement consisted of 3,947,000 units at a price of five cents per unit, with each unit consisting of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of 10 cents until July 8, 2007. An additional 145,000 units having the same terms disclosed above were issued in payment of finders' fees. All of the securities issued in connection with the closing of this private placement, including securities issued in payment of finders' fees, are subject to a hold period in Canada until Nov. 9, 2005.
© 2005 Canjex Publishing Ltd.