Takara Resources Inc. Announces Results of Their Annual and Special Meeting for Shareholders and Closing of Private Placement
PRESS RELEASE
TAKARA RESOURCES INC. ANNOUNCES RESULTS OF THEIR ANNUAL AND SPECIAL MEETING FOR SHAREHOLDERS AND CLOSING OF PRIVATE PLACEMENT
Toronto, Ontario. January 4, 2010: Takara Resources Inc. (TKK:V) ("Takara" or the “Company”) announces that it held its Annual and Special Meeting of Shareholders on December 23, 2009, and all items of business as described in the Management Information Circular were approved. More specifically, Jennifer Boyle, Pamela Strand, Carrie Howes, Julie Lassonde, Marni Wieshofer and Nicole Marchand were elected directors of the Company.
In other items of business, the shareholders approved: (i) a special resolution to approve an amendment to Takara’s Articles to consolidate all of the issued common shares and options to purchase common shares of Takara on the basis of three pre-consolidation securities for one post-consolidation security or a lesser ratio as Takara’s Board of Directors may determine appropriate; (ii) a special resolution to maintain the Corporation’s current stock option plan, being a rolling 10% of all issued and outstanding common shares; (iii) the appointment of MSCM LLP Chartered Accountants to serve as auditors of Takara for the ensuing year; (iv) an ordinary resolution by disinterested shareholders to issue an aggregate 2,080,000 common shares at a deemed per share price of $0.05 as settlement of an aggregate $104,000 in accrued management and/or consulting fees owing by the Corporation to insiders (see news releases dated April 27, 2009 and September 23, 2009); and (v) an ordinary resolution by disinterested shareholders to grant 1,000,000 incentive stock options under the Corporation’s 2006 Stock Option Plan to directors that cancelled previously granted options within the preceding 12 month period (see news release dated September 1, 2009).
The TSX Venture Exchange provided conditional acceptance for the issuance of shares for debt on September 25, 2009 and on October 5, 2009. Of the accumulated $104,000 debt, $23,000 (460,000 shares) was invoiced by directors that performed services for and on behalf of the Company from time to time that was required on an as-needed basis as a result of the Company’s downsizing efforts during 2009, and the remaining was incurred under long-term management/consulting contracts.
The company further announces the completion of a flow through private placement to one arms length investor for gross proceeds of $100,000 through the sale of 1,250,000 common shares at a price of $0.08 per (flow through) common share. The flow through shares were issued in reliance upon prospectus and registration exemptions of applicable securities legislation, and the proceeds shall be used to incur expenditures that qualify as Canadian Exploration Expenses. A finder’s fee of $8,000 (8% of proceeds) was paid to an arms-length finder in connection with this placement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pamela Strand, P. Geol., President
Takara Resources Inc.
(780) 435-0045 xt 202 (work); (780) 903-0820 (cell)
Jennifer L. Boyle, B.A., LL.B., Chief Executive Officer
Takara Resources Inc.
(647) 647-430-0966 (work) (416) 904-2714 (cell)
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the business and financing plans of the Company, timing of future activities by the Company, future anticipated exploration program or mining results, the discovery and delineation of mineral deposits or resources, potential mining scenarios, the success of mineral processing procedures and, business trends and future operating costs. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the market for gold or other minerals that may be produced generally, recent market volatility, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's most recent annual and interim Management’s Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company’s page on SEDAR at www.sedar.com.
Neither the 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.