Pacific Ridge Reports Results of 2013 Annual General and Special Meeting

By Staff,

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Pacific Ridge Exploration Ltd. (PEX.V) reported the results of its 2013 Annual General and Special Meeting, including approval of a proposed share consolidation.

Shareholders re-elected John S. Brock, C. Douglas Proctor, R.E. Gordon Davis, Sargent Berner and Bruce Youngman as directors of the company for the ensuing year. PricewaterhouseCoopers LLP was also re-appointed as auditors of the company and the company's rolling stock option plan was re-approved. The Board of Directors also approved the re-appointment for the ensuing year of John S. Brock as CEO and President, Gerry Carlson as Vice President Exploration, Lei Wang as Chief Financial Officer and Arie Page as Corporate Secretary.

By way of a special resolution, shareholders approved a proposed consolidation of the issued common shares of Pacific Ridge. At a subsequent meeting of the company's Board of Directors, approval was given for the share consolidation on a 1 new share for 5 old shares basis. As at the date hereof, there are an aggregate of 71,064,936 common shares issued and outstanding. It is expected that upon completion of the share consolidation there will be an aggregate of approximately 14,212,987 common shares issued and outstanding.

Approval of the consolidation was required in order to facilitate future financing of the company as well as the effecting of a proposed property option agreement with a third party, the details of which will be announced upon execution of such agreement.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
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