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Caribbean Resources Corporation (Formerly Pacific Coal Resources Ltd.) Announces Special Meeting of Shareholders and Resignation of Director
TORONTO, ON / ACCESSWIRE / March 14, 2016 / Further to its notice of meeting on February 19,...
About this update from Canter Resources Corp
[{"type":"text","content":"Caribbean Resources Corporation (Formerly Pacific Coal Resources Ltd.) Announces Special Meeting of Shareholders and Resignation of DirectorTORONTO, ON / ACCESSWIRE / March 14, 2016 / Further to its notice of meeting on February 19, 2016, Caribbean Resources Corporation (TSXV: CRC) (the \"Company\") announces that is has mailed and filed meeting materials (\"Meeting Materials\") in respect of the upcoming special meeting (\"Meeting\") of holders of common shares of the Company (\"Shareholders\") to be held at 11:00 a.m. (Toronto time) on Thursday, March 31, 2016. At the Meeting, Shareholders will be asked to vote on a special resolution authorizing a share consolidation (the \"Share Consolidation\") of all of the Company's issued and outstanding shares on the basis of one (1) new common share of the Company for two hundred and fifty thousand (250,000) existing common shares of the Company, as well as the voluntary delisting of the Company's common shares from the TSX Venture Exchange (the \"Delisting\") followed by an application by the Company to cease to be a reporting issuer in the applicable jurisdictions. The record date for voting at the Meeting has been set at the close of business on Monday, February 22, 2016. In consideration of the current financial condition of the Company and the downturn in the resources sector, management and the board of directors of the Company consider it prudent to take appropriate action to reduce costs, a significant portion of which is as a result of the Company being a listed reporting issuer. Such costs include those involved in filing continuous disclosure documents including audited financial statements, the issuance of news releases, printing and mailing materials to shareholders, maintaining a listing on the TSXV, renewing the Company's stock option plan on an annual basis, among others. In order for the Company to cease to be a reporting issuer, the Company has to have fewer than 50 securityholders worldwide and fewer than 15 securityholders in each province in Canada. Therefore, only whole new common shares will be issued under the Share Consolidation. Any fractional interest will be cancelled and holders of less than one new common share will cease to hold common shares in the capital of the Company, and such shareholder will be entitled to receive cash consideration (rounded to the...