Journey proposes Shares for Debt Settlement, Consolidation of shares, Private Placement and Director Changes
Mon Oct 4, 6:35 PM
October 4, 2010 -- Vancouver, B.C. – Journey Resources Corp. (TSX.V: JNY, Frankfurt: JL4) ("the Company") intends to seek shareholder approval for a consolidation of shares on an up to 1:8 basis, at the Extraordinary General Meeting, scheduled for November 23, 2010. In addition, the company announces a non-brokered, post consolidated private placement of up to 15,000,000 Units at a price of $0.15 per Unit for gross proceeds of $2,250,000. Each Unit will comprise of one common share in the capital of the Company (the “Shares”) and one half share purchase warrant (the “Unit”), with each warrant exercisable to purchase one additional Share over a 6 month period, at a price of $0.20 per Share. Proceeds of the private placement will be used for general working capital. The financing remains subject to TSX Venture Exchange acceptance. Finder’s fees may be payable in connection with certain subscribers to this placement.
Closing of the Share Consolidation and Private Placement Shares are subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange.
The Company announces that Robert C. Bryce has resigned as a director of the Company, effective immediately, Mr. Bryce will continue as a technical consultant to the Company. Mr. Bryce has contributed significantly to the Company, the Directors wish him well and thank him for his service.
The Company wishes to announce the appointments of Roger Scammel and Benjamin Herring as directors of the company.
Mr. Scammell has more than 30 years experience in the mining and exploration industry. Currently the President and Director of Scorpio Mining Corporation. He was the Regional Manager of Exploration for Teck Corporation's Mexican subsidiary, Minera Teck SA de CV From 1992 to 2002. Under his direction, Minera Teck discovered the 72 million tonne San Nicolas volcanogenic massive sulphide deposit in Zacatecas, Mexico and the El Limon gold skarn in Guerrero, Mexico.
Mr. Herring, BSc, is a Research/Technician at the University of British Columbia, with over 8 years of experience at the University research and teaching level in biochemistry, chemistry, and biology. Working in research and teaching labs focusing on Analytical, Inorganic, and Organic Chemistry.
Update
Journey’s strategic focus is to move the Charay Gold-Silver Project to a development stage, while infill, step-out and exploration drilling is underway.
The company has three exploration projects, including Musgrove Gold Project in Idaho, Charay Gold Project in Sinaloa, Mexico and Vianey Silver Project in Guerrero, Mexico. The company is currently evaluating investment options including joint ventures for all projects.
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