Primewest Exploration Inc. Announces Results of Annual General Meeting and Special Meeting of the Shareholders
PRESS RELEASE
Primewest Exploration Inc. Announces Results of Annual General Meeting and Special Meeting of the Shareholders held on August 14, 2012.
August 23, 2012 - Calgary Alberta – Primewest Exploration Inc. (the “Corporation”) (TSXV: “PWI.P”) is pleased to announce the results of its first Annual General and Special Meeting ("AGM") of the Shareholders held on August 14, 2012.
Election of Directors
The following individuals were duly elected by the shareholders to hold office as directors until the next annual meeting of shareholders or until their office is vacated or a successor is appointed in accordance with the by-laws of the Corporation:
Charles W. Chapman Harris L. Dvorkin Francis J. Reinhardt Victor M. Luhowy Kenneth D. MacRitchie Horst Schmid
Transfer to NEX & Cancellation of the Seed Capital Stock
The Corporation’s disinterested shareholders approved the transfer to the NEX and the cancellation of 2,000,000 seed capital shares held by insiders of the Corporation.
Per Exchange Policy 2.4, the Corporation had until April 20, 2012 to complete a Qualifying Transaction ("QT") or be suspended from trading. Although, a QT has been secured by the Corporation, it was not possible to close the acquisition prior to April 20, 2012, therefore, the stock was suspended. The Corporation was granted a 90 day extension to complete the QT or seek approval to cancel 50% of the seed shares and obtain shareholder approval to transfer its listing to the NEX trading board of the Exchange, which has been accomplished.
With the transfer to the NEX, the Corporation will continue to pursue financing and close the QT subject to Exchange approval, upon which it will apply for reinstatement on the TSXV. Until then trading of the common shares of the Corporation will remain suspended. The Corporation’s financial reporting is currently up to date and it is a reporting issuer in good standing.
For further information please contact:
Primewest Exploration Inc.
Charles Chapman, Director Phone: (403) 266-4141
Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Proposed Acquisition and associated transactions and has neither approved nor disapproved of the contents of this press release.
Cautionary Statements:
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the proposal to complete the Proposed Acquisition and associated transactions, including statements regarding the terms and conditions of the Proposed Acquisition and associated transactions. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Proposed Acquisition and associated transactions, that the ultimate terms of the Proposed Acquisition and associated transactions will differ from those that currently are contemplated, and that the Proposed Acquisition and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The statements in this news release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation, RSR, the Properties or their respective financial or operating results or (as applicable), their securities.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.