TORONTO, Jan. 19 /PRNewswire-FirstCall/ - 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. in the Dingman gold property (the "Dingman Property") located in Hastings County near Madoc, Ontario in exchange for 46,979,007 common shares in the Corporation (the "Acquisition"); - the consolidation of the common shares of the Corporation on a 1 for 4 basis (the "Consolidation"); and - the issuance by the Corporation of a minimum of 8,750,000 units and a maximum 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 unit comprised of one post-consolidation common share of the Corporation and one-half of one warrant, with each whole warrant entitling the holder thereof to acquire one post-consolidation common share of the Corporation at any time within 24 months from the date of its issuance at an exercise price of $0.40 per post-consolidation common share (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 received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Washmax should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the transaction or the financing and has neither approved nor disapproved the contents of this press release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Washmax's future intentions, plans, objectives or goals, including words to the effect that Washmax or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Washmax Corp.