Pershimco Resources Inc.: Corporate Update and Results of the Annual Meeting of Shareholders
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 09/25/12 -- Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE: PRO)(FRANKFURT: BIZ) is pleased to provide its shareholders with a brief update on its corporate profile and announce the results of its recent annual meeting of shareholders.
At the annual meeting of shareholders held September 21, 2012, the Corporation's shareholders approved by a majority vote the appointment of Samson Belair / Deloitte & Touche LLP as auditors of the Corporation, as well as the election of the following directors: Messrs. Alain Bureau, Roger Bureau, Claude Arcand, Robert C. Bryce, Paul-Henri Couture, Pierre-Jean Lafleur and Jean Robitaille.
Corporate Update
Capital structure: Following recent financings, the Corporation currently has 173,515,474 issued and outstanding shares. Furthermore, since the end of the last fiscal year, 2,250,000 warrants have been exercised, allowing the Corporation to collect $1,462,500. As of the date hereof, no further warrants are outstanding.
Financial Position: The financings realized during fiscal 2012 and the warrants exercised by their holders, allow the Corporation to have a significant amount of liquidity to be used mainly in the development of the Cerro Quema project in Panama. The Corporation currently has over $28M in cash and cash equivalent and no longer has any long-term liabilities relating to the acquisition of the Cerro Quema project.
Stock Options
On September 21, 2012, the Corporation granted 1,575,000 stock options, of which 1,325,000 of said options were granted to its directors and officers, at a price of $0.67 per stock option, valid for a period of five years.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resources and exploration company listed on the TSX Venture Exchange and the Frankfurt Exchange. The Corporation holds several mining properties in Canada and South America, including the extraction permitted Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d'Or Gold Mining Camp, being explored in partnership with Osisko Mining Corporation. The Corporation is managed by skilled and reputable individuals with extensive mining, exploration and development experience. The Pershimco Team and its investors are the key to its success.
The Corporation's documents are available on www.sedar.com
Please visit the Corporation's website at www.pershimco.ca
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. Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statement.
Contacts:
Alain Bureau, P. Eng.
President and Chief Executive Officer
+1 (819) 797-2180
ressources@pershimco.ca
Richard Leroux
Investor Relations
+1(514) 993-4510
info@pershimco.ca