Goldeneye Resources Corp. has provided the following corporate update.
Appointment of officers and directors
The company is pleased to announce that Jatinder (Jack) Bal has been appointed as chief executive officer and a director of the company. Mr. Bal is a business executive with over 11 years of experience in the resource industry and public markets as well as financing. Mr. Bal is currently the CEO of CMC Metals Inc. and president of Cardiff Energy Corp.
The company is also pleased to announce the appointment of Paul Chow as a director of the company. Mr. Chow has been involved in the Canadian capital markets for more than 15 years, developing business strategies, marketing and finance for both public and private corporations. He has served as a director and CEO of several companies in the oil and gas sector as well as the mining industry. Mr. Chow has established a strong network of financial and technical personnel who have supported his endeavours throughout his career.
Resignation of officers and directors
The company announces that Dr. John A. Reeves Jr. has resigned as CEO and director of the company, and Monty Hoffman has resigned as the company's vice-president of exploration.
The company announces that it intends to consolidate its common shares on a 10-old-for-one-new-share basis. Directors of the company have passed a resolution in respect thereof in accordance with TSX Venture Exchange, the company's articles and the British Columbia Business Corporations Act. An application to the TSX Venture Exchange for acceptance of the consolidation will be made forthwith.
There are currently 24,348,299 common shares issued and outstanding. Upon completion of the consolidation, there will be approximately 2,434,829 common shares issued and outstanding. The exact number of postconsolidated shares will vary depending on the treatment of fractional shares, which will occur when each shareholder's holdings in the company are consolidated. The company will not issue any fractional common shares as a result of the consolidation. Instead, all fractional shares will be rounded down to the next whole number. Outstanding stock options and share purchase warrants will also be adjusted by the consolidation ratio and their respective exercise prices adjusted accordingly. The company will not be changing its name in conjunction with the consolidation.
The company also announces that it will undertake a non-brokered private placement of up to 17 million postconsolidated shares at a price of five cents per share for gross proceeds of up to $850,000.
In connection with the private placement, the company may pay finders' fees in accordance with the policies of the TSX Venture Exchange. The securities issued will be subject to a four-month hold period from the date of issuance. All funds will be used to settle certain existing debts and for general working capital purposes.
Annual general meeting
The company has scheduled its annual general meeting for 10 a.m. PST, Aug. 17, 2015, to be held at Suite 451, 409 Granville St., Vancouver, B.C. The record date is July 3, 2015, and only shareholders as of the record date will be eligible to vote their shares.
We seek Safe Harbor.