Vector Resources Inc. Announces AGM Results and Application to NEX Listingadmin
Vector Resources Inc. Announces AGM Results and Application to NEX Listing
This Press Release is not for dissemination within the United States
Toronto, Ontario CANADA, February 03, 2014 /FSC/ – Vector Resources Inc. (VCR.P – TSX Venture), (“Vector” or the “Corporation”), a capital pool company, is pleased to announce the results of its 2013 Annual and Special Shareholders’ Meeting (“AGM”) that was held on December 4th, 2013.
The Corporation is pleased to announce that 42.4% of the issued and outstanding common shares were either present by the shareholders themselves or via proxy.
The shareholders voted unanimously in favour of all matters as follows:
1. McGovern, Hurley, Cunningham, LLP was reaffirmed as the auditor of record for the ensuing year;
2. Renewal of the Incentive Stock Option Plan;
3. Fixing the board of directors to four (4) directors;
The Corporation’s current directors; Darryl Levitt, Keith Baptist, Richard Molyneux and Mike Nel, were all voted in as directors.
In addition, the disinterested shareholders voted in favour of having the common shares of the Corporation listed on the NEX and to cancel 50% of the common shares currently held in escrow that were originally issued to insiders of the Corporation as seed shares, being 500,000 common shares.
The Corporation has requested from Olympia Transfer Inc., the Corporation’s transfer agent, to cancel 500,000 common shares representing the amount of Seed Shares purchased by Non-Arm’s Length Parties to the Corporation so that the average cost of the remaining Seed Shares is at least equal to the IPO price.
The Corporation has initiated its application to have its common shares resume trading on the NEX.
About the Corporation
The Corporation is a capital pool company. Since its incorporation, other than its initial public offering under the CPC Policy in November 2011 and the transactions in relation thereto, the Corporation has not commenced commercial operations and currently has no assets other than cash and promissory notes receivable, and liabilities.
Trading in the Corporation’s common shares was halted since November 12, 2012 in accordance with the policies of the Exchange when it announced a proposed Qualifying Transaction that was terminated November 20, 2013. At that time the common shares of the Corporation were then suspended from trading as it had been 24 months since it was listed and did not yet complete its Qualifying Transaction. It is expected to remain suspended until its common shares have been accepted for listing on the NEX in accordance with Policy 2.4 of the Exchange.
Certain statements in this document constitute “forward-looking statements” within the meaning of various security legislation inclusive of but not limited to the United States Private Securities Litigation Reform Act of 1995 and/or “forward-looking information” under the Securities Act (Ontario). These statements include, without limitation, statements regarding the status of development or expenditures relating to our business, plans to fund our current activities, statements concerning our partnering activities, exploration regulatory submissions, strategy, future operations, future financial position, future revenues and projected costs. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimated”, “predicts”, “potential”, “continue”, “intends”, “could”, or the negative of such terms or other comparable terminology. We made a number of assumptions in the preparation of these forward-looking statements. You should not place undue reliance on our forward-looking statements, which are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, securing and maintaining corporate alliances, the need for additional capital and the effect of capital market conditions and other factors, including the current status of our programs, on capital availability, the potential dilutive effects of any financing, the timing of our programs to explore, develop and commercialize our products, the timing and costs of obtaining regulatory approvals, our estimates regarding our capital requirements and future revenues, the timing and amount of investment tax credits, and other risks detailed from time to time in our public disclosure documents or other filings with the securities commissions or other securities regulatory bodies in Canada and the U.S as well as abroad. Additional risks and uncertainties relating to the Corporation and our business can be found in the “Risk Factors” section of our Prospectus dated September 28, 2011, as well as in our other public filings. The forward-looking statements are made as of the date hereof, and we disclaim any intention and have no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investors are cautioned that, except as disclosed in the management information circular or filing statement as filed from time to time to be prepared in connection with Transaction(s) involving the Corporation, any information released or received with respect to the Transaction(s) involving the Corporation may not be accurate or complete and should not be relied upon. Trading in the securities of the Corporation should be considered highly speculative.
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Neither 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 release.
For more information, please contact:
Vector Resources Inc.
VECTOR RESOURCES INC.
79 Wellington Street West,
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Source: Vector Resources Inc. (TSX-V: VCR.P)
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Posted: February 3rd, 2014 under FSCWIRE.