Portage Resources Inc. Provides Corporate Update on Previously Announced Forward Split, Property Samples and Recent Events
LIMA, Peru, Aug. 12, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (POTG-OTCQB) provides a corporate update to their shareholders in regards to recent events, forward split information, sampling programs and other recent events.
The Company had previously announced a forward split of the shares of the Company on the basis of 10 new shares for every 1 share held, with a record date of August 8, 2011. At that time, the Board of Directors approved the forward split requiring a surrender of shares. Please be advised that the correct process in respect to the approved forward split does not require a record date to determine eligibility, and it is now understood that FINRA will set an "Effective" date for the forward split which will be used to determine shareholders of record who will receive the shares from the forward split. From the Effective date, our common stock will have a new CUSIP number which will denote the forward split shares, allowing industry to identify pre-split shares (bearing the old CUSIP) from post-split shares, bearing the new CUSIP. As stockholders, you have no requirement to contact the transfer agent or to deliver shares to the transfer agent or the Company. Your eligibility for forward split shares is automatically determined based on the Effective date by FINRA, and electronically recorded. If your shares are on deposit in a brokerage account, you will automatically receive the appropriate number of new shares. If you are physically holding a share certificate, when you deposit or send in your shares for transfer, you will automatically receive the correct number of split shares upon transfer.
We thank you for your calls and questions and hope that this will clarify the forward split. FINRA has all of the required documentation to effect the forward split and we are waiting on FINRA to advise the Effective date.
Portage Resources Inc. previously announced a LOI for the Holly Properties in Pershing, Nevada on June 30, 2011. Portage has decided to vacate any further interests or negotiations on said properties as management felt said properties were an excellent prospect but did not fit into the overall company plan of responsible growth.
The Portage explorations team headed by Elias Garate has been working and visiting the WUKAKUY PROPERTIEs, CORDILLERA NEGRA 1 & 2 concessions, and the most recent acquisition. The sample processing has started, samples have been turned over to an independent testing facility and the team is looking forward to receiving the results in the near future. The management team has also been working on the current negotiations announced and is in the process of reviewing other potential projects for the company.
Portage Resources Inc. President and CEO stated, "We are continuing on our mission statement of responsible growth, the dividend split is part of this growth. We are continuing to assess potential properties, growing our current stable of properties, and are very proud of our efforts thus far."
About Portage Resources Inc.
Portage Resources Inc. is focused on the exploration and production of precious and base metals in Peru. Portage Resources Inc. plans to recognize, and acquire near-term production mining properties, the Portage Resources Inc. seasoned and experienced Peruvian management team will research, review and prove any reserves for the purpose of production.
Symbol: OTCQB – POTG
FORWARD-LOOKING STATEMENTS: "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements relating to the company's business activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations about the Company's business. Words such as expects, anticipates, intends, plans, believes, estimates and similar words and expressions are intended to identify such forward-looking statements. These statements involve risks that are difficult to evaluate. Actual results can vary from descriptions herein due to many factors including changes in metal prices and business conditions; changes in laws and regulations; problems encountered in exploration and obtaining permits; changes in the competitive environment; technological advances; shortages of skilled workers, drill rigs and equipment; the need for additional capital and other risks listed in the Company's Securities and Exchange Commission filings under "risk factors" and elsewhere. Forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update forward-looking statements.
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SOURCE Portage Resources Inc.
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