VANCOUVER, BC--(Marketwired - February 10, 2017) - Cameo Resources Inc. (TSX VENTURE: CRU) (OTC PINK: SIDNF) ("Cameo" or the "Company") is pleased to announces the results of its Annual General and Special Meeting of Shareholders (the "AGSM") held on January 31, 2017 in Vancouver. The motions approved by Cameo's shareholders included the following:
-
Approval of the number of directors;
-
Election of all three nominees to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed. Directors Akash Patel, Kenneth C Phillippe, and Lorne Warner were re-elected;
-
Re-appointment of Dale Matheson Carr - Hilton Labonte LLP, Chartered Accountants as the Company's external auditor;
-
Approval of the Company's stock option plan; and
-
Approval to consolidate the shares of the Company on a one post-consolidation common share for Twenty-Five (25) pre-consolidation common shares basis.
Consolidation of Shares
Further to the approval received from shareholders of the Company at the AGSM and as described in more detail in the Management Information Circular of the Company dated December 23rd 2016, the Company has authorized a consolidation of the issued and outstanding common shares of the Company (the "Common Shares") on the basis of one (1) post-consolidation Common Share for every twenty-five (25) pre-consolidation Common Shares (the "Consolidation"). As a result of the Consolidation, 30,999,997 Common Shares currently issued and outstanding will be reduced to approximately 1,240,000 post-consolidation Common Shares. No fractional shares will be issued in the Consolidation. Each fractional share following the Consolidation that is less than one-half of a share will be cancelled and each fractional share that is at least one-half of a share will be rounded up to the nearest whole share. The exercise or conversion price and the number of shares issuable under any of the Company's outstanding stock options and convertible instruments will be proportionately adjusted upon completion of the Consolidation. A letter of transmittal will be sent to registered shareholders providing instructions to surrender the certificates evidencing their Common Shares for replacement certificates representing the number of post-consolidation Common Shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate representing Common Shares prior to the Consolidation will be deemed for all purposes to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation. The Consolidation is subject to the approval of the TSXV.