Business
JOURNEY PROPOSES SHARES FOR DEBT SETTLEMENT AND DIRECTOR AND OFFICER CHANGES
JOURNEY PROPOSES SHARES FOR DEBT SETTLEMENT AND DIRECTOR AND OFFICER CHANGES
About this update from Panoro Minerals Ltd.
[{"type":"text","content":"\nJOURNEY PROPOSES SHARES FOR DEBT SETTLEMENT AND DIRECTOR AND OFFICER CHANGES\n\n\n Aug. 25, 2009 (TheNewswire.ca) -- Vancouver, B.C., August 25, 2009 - JOURNEY RESOURCES CORP. (OOTC:JNYRF) (TSXV:JNY) (the \"Company\") announces that the Company intends to settle a total of $481,003.75 of debt (the \"Debt\") by the issuance of 9,620,075 Common shares of the Company (the \"Shares\") having a deemed value of $$0.05 per Share (the \"Shares for Debt Settlement\").All securities issued in connection with the Shares for Debt Settlement 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.Closing of the Shares for Debt Settlement are subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange.The Company announces that Chris Wilson has tendered his resignation as the VP Exploration and Clint Sharples has resigned as a director of the Company, effective immediately. Chris Wilson and Clint Sharples have contributed significantly to the Company, the Directors wish them well and thank them for their service.The Company wishes to announce the appointment of Lorne Torhjelm as a director of the company. Lorne Torhjelm has served as our Chief Financial Officer and Corporate Secretary since May, 2005 and May, 2004 respectively. Mr. Torhjelm is a self-employed investment manager, and is currently a Director of Upper Canyon Minerals Corp. (TSXV:UCM) and a Director of Panoro Minerals Ltd. (TSXV:PML) In addition, Mr. Torhjelm is also the Corporate Secretary of Cascadia Energy Corp., a private US company in the business of acquiring and exploring oil and gas properties.About Journey Resources Corp.Journey Resources Corp. www.journeyresourcescorp.com is a mineral-exploration resource company trading on the TSX Venture Exchange (Symbol : JNY) the Frankfurt Stock Exchange (Symbol : JL4) and the OTC Bulletin Board (Symbol : JNYRF). The Company is currently exploring four advanced exploration-stage projects; the Vianey Mine Silver Project, the Musgrove Gold Project, the Silver Mountain Project and the Charay Gold Project. The Vianey Mine Project consists of concessions totaling 5,022 hectares in Guerrero State west of Mexico City, Mexico. The Musgrove Project is a prospect for a d...