Business
Mega Moly Inc. Changes its Name to Terreno Resources Corp. and Confirms Corporate Restructuring
Mega Moly Inc. Changes its Name to Terreno Resources Corp. and Confirms Corporate Restructuring
About this update from Terreno Resources Corp.
[{"type":"text","content":"\nMega Moly Inc. Changes its Name to Terreno Resources Corp. and Confirms Corporate Restructuring\n\n\n Aug. 20, 2010 (Filing Services Canada) -- MegaMoly Inc.  (MGY - TSX Venture), (the \"Company\") advises that a number of corporate re-structuring changes were confirmed through resolutions approved at its Annual and Special Meeting of Shareholders held on Thursday, August 19, 2010.The changes that were agreed upon were:1. Re-naming the Company Terreno Resources Corp.  Terreno translated from Spanish is defined as \"of the Earth\".  The re-naming of the Company is linked directly to the change in investment focus to become a developer of a broad range of natural resource projects in South America.  It should be noted that the Company has already announced its initial investment in Amarillo, a gold, copper and silver asset located in Argentina.2. Initiation of a five for one (5 for 1) roll-back of shares.  Currently the Company has 69,287,085 issued and outstanding shares.  They will be rolled back to 13,857,417 shares.3. Reconstitution of the Board of Directors.  In addition to the re-election of Philip Williams, Jon Lever and John Icke, Hein Poulus, Peter Mullens and Richard Patricio were elected to the Board.At the Board of Directors' meeting following the meeting of shareholders, Audit and Compensation Committees were appointed. Additionally, John Icke was appointed as Chairman, to add to his role as Interim Chief Executive Officer.Commenting on the corporate changes Mr. Icke stated, \"Yesterday's meeting was the culmination of a significant amount of legal and corporate secretarial work.  The changes as agreed upon will enable the Company to advance its new strategic and operational agenda and will, we hope, significantly increase enterprise and shareholder value over time.\"On behalf of the Board of Directors\"John Icke\"Chairman, Interim Chief Executive Officer For further information, please contact:Nicola Street CapitalTel:  604.569.0056The TSX Venture Exchange has not reviewed and does not acceptResponsibility for the adequacy or accuracy of this releaseSource: MegaMoly Inc. (MGY - TSX-V) Maximum News Dissemination by Filing Services Canada Inc. *www.usetdas.com\n\n\n\n","length":2642,"tagName":"div"}]