Business
Shareholders approve acquisition and financing
Shareholders approve acquisition and financing
About this update from Canadian Goldfields Discovery Corp
[{"type":"text","content":"\n\n\n\nJan. 19, 2010 (Canada NewsWire Group) -- TORONTO, Jan. 19 /CNW/ -- Washmax Corporation (WMC.H-NEX) (\"Washmax\" or the \"Corporation\") is pleased to announce the Corporation has received unanimous shareholder approval at the annual and special meeting of the Corporation held on January 19, 2010 to complete the previously announced acquisition and financing, including:- the acquisition of the rights held by Opawica Explorations Inc. inthe Dingman gold property (the \"Dingman Property\") located inHastings County near Madoc, Ontario in exchange for 46,979,007 commonshares in the Corporation (the \"Acquisition\");- the consolidation of the common shares of the Corporation ona 1 for 4 basis (the \"Consolidation\"); and- the issuance by the Corporation of a minimum of 8,750,000 units and amaximum of 11,250,000 units in exchange for minimum gross proceeds of$1,750,000 and maximum gross proceeds of $2,250,000, with each unitcomprised of one post-consolidation common share of the Corporationand one-half of one warrant, with each whole warrant entitling theholder thereof to acquire one post-consolidation common share of theCorporation at any time within 24 months from the date of itsissuance at an exercise price of $0.40 per post-consolidation commonshare (the \"Financing\").The Corporation's shareholders also authorized the Corporation to change its name to Upper Canada Gold Corporation, elected Michael Churchill, Charles Gryba, Kevin Cinq-Mars and Donald Clark as directors of the Corporation, approved a new stock option plan for the Corporation and authorized the grant of options to certain officers. Details of the resolutions considered at the meeting are disclosed in the management information circular of the Corporation dated December 17, 2009 (the \"Information Circular\") filed at www.sedar.com.The Corporation now intends to move forward with the Acquisition, the Consolidation, the Financing and certain other supporting transactions as described in the Information Circular, subject to the satisfaction of certain conditions including the receipt of the final acceptance of the TSX Venture Exchange, however, there can be no assurance that either the Acquisition or the Financing will be completed as proposed or at all.Investors are cautioned that, except as disclosed in the Information Circular, any information released or re...