|By Marketwired .||
|May 28, 2014 11:01 AM EDT||
BOUCHERVILLE, QUEBEC -- (Marketwired) -- 05/28/14 -- Strateco Resources Inc. ("Strateco") (TSX:RSC)(FRANKFURT:RF9) held its Annual and Special Meeting of Shareholders (the "Meeting") in Montreal yesterday, resulting in the election of each of the Company's directors, the appointment of its auditor and the adoption of two special resolutions.
All of Strateco's directors were re-elected. The board is composed of Messrs. Marcel Bergeron, Paul-Henri Couture, Robert Desjardins, Guy Hebert, Jean-Pierre Lachance, Henri Lanctot, Jean-Guy Masse and Charles Riopel.
The meeting also appointed PricewaterhouseCoopers LLP as the Company's auditor and authorized the directors to fix its remuneration.
In addition, 98.53% of Strateco's shareholders voted in favour of a special resolution authorizing the directors to enter into a private placement of common shares by December 31, 2014, at an issue price that could be equal to or less than the weighted average share price for the 20 trading days preceding the date of issue, for up to $3,000,000, of which The Sentient Group ("Sentient"), an insider of Strateco, may subscribe for a maximum of $2,500,000. As voting was made on a disinterested basis, Sentient could not vote on this special resolution.
Now that this special resolution has been adopted, Strateco is confident it will be able to maintain the listing of its common shares on the Toronto Stock Exchange ("TSX"), and may enter into a $1.4 million private placement with Sentient as per a letter of intent dated May 8, 2014. Sentient signed a letter of intent at the same time with SeqUr Exploration Inc. ("SeqUr"), a subsidiary wholly-owned by Strateco, for a private placement of $100,000 (ref. Strateco press release dated May 9, 2014).
At the meeting, 99.37% of Strateco shareholders also voted in favour of another special resolution authorizing the directors to choose the appropriate time for and fix the amount of the reduction in stated capital of up to $3,000,000 and, if appropriate, to proceed with a special distribution to Strateco's shareholders as redemption of paid-up capital in respect of Strateco's common shares, and to distribute 15,000,000 common shares of SeqUr to shareholders in payment of this redemption of share capital.
This news release contains "forward-looking statements" subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct. Actual results and future events could differ significantly from those implied by such statements. These risks and uncertainties are discussed in Strateco's annual information form filed with the securities commissions of British Colombia, Alberta, Ontario and Quebec.
STRATECO RESOURCES INC.
President and Chief Executive Officer
450.641.0775 or 1.866.774.7722
Executive and Exploration Vice President
450.641.0775 or 1.866.774.7722
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