Results of Upper Canyon Minerals Corp. 2011 adjourned Annual General and Special Meetingshare Consolidation and Non-Brokered Unit Private Placement
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UPPER CANYON MINERALS CORP. (the "Company") announces that all formal business as set out in the Company's Information Circular dated August 22, 2011, was tabled and approved at its adjourned annual general and special meeting held on October 11, 2011 (the "Meeting"). A copy of the Information Circular was mailed to shareholders, and filed on SEDAR at www.sedar.com.
Appointment of Directors
At the Meeting, the below persons were appointed directors of the Company:
Thomas C. Thomsen
Brian Thurston
Benjamin Herring
Share Consolidation
At the Meeting, shareholders approved a consolidation of the Company's common shares on the basis of 1 share for every 5 shares currently outstanding, subject to regulatory approvals (the "Consolidation"). The Company intends to effect the Consolidation immediately.
The Company may change the name of the Company concurrent with or following the consolidation. The Board may authorize a change of name of the Company subject to any regulatory or TSX-V applicable requirements.
Non-Brokered Unit Private Placement (Post-Consolidated)
The Company announces a non-brokered private placement consisting of up to 4,000,000 units (the "Units") at a purchase price of $0.075 per Unit (post-consolidation) to raise gross proceeds of up to $300,000 (the "Private Placement"). Each unit will consist of one common share in the capital of the Company and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of one year, at a purchase price of $0.10 per Share (post-consolidation).
The Company may pay a finder's fee in connection with the Private Placement within the maximum amount permitted by the policies of the Exchange. Certain directors, officers and insiders of the Company may participate in the Private Placement. The Private Placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange. All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The net proceeds from the Private Placement will be used by the Company for general working capital.
About Upper Canyon Minerals Corp.
Upper Canyon is a growth oriented mineral-exploration resource company trading on the TSX Venture Exchange (Symbol: UCM) whose mission is the discovery and development of high quality precious and base metal resources, with a goal of advancing them into commercial production. Upper Canyon's exploration work is currently focused on the Brosnor Gold property located near Val d'Or, Abitibi, in Quebec, Canada.
For additional information, contact Karim Rayani at (604) 628-1767 e-mail: kr@bloomberrycapital.com, or visit website www.uppercanyonminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Tom Thomsen"
TOM THOMSEN
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 release
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