NR special meeting shareholders..was I called? more control China good/bad?
posted on
Dec 23, 2010 05:49PM
Edit this title from the Fast Facts Section
VANCOUVER, BRITISH COLUMBIA, Dec. 9, 2010 (Marketwire) -- Hawthorne Gold Corp. ("Hawthorne" or the "Company") (TSX VENTURE:HGC)(PINK SHEETS:HWTHF) is pleased to announce that further to its news releases dated October 14, 2010 and November 12, 2010, all the resolutions proposed at its Special Meeting of shareholders of the Company held on December 8, 2010 were duly passed. The Company has obtained "minority approval" (as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions) on the creation of a new "Control Person" as defined in the Corporate Finance Manual of TSX Venture Exchange. Shareholders have also approved the Private Placement of 68,181,818 common shares in the capital of the Company ("Shares") at the price of $0.11 per Share from Skyocean Ventures Investment Limited ("Skyocean"). The Company will proceed with the closing of the Private Placement (which is subject to final acceptance of the TSX Venture Exchange) and will issue a subsequent news release once the transaction is closed.
"This opens a new and exciting chapter in the growing relationship with our major shareholder, the Skyocean Group of Beijing, China. A much stronger company will emerge through this culmination of cultures and experience. We look forward to a long and rewarding relationship" states Hawthorne's Chairman Michael J. Beley.
The Company also announces that it has received and accepted the resignation of Donald Siemens from the Board of Directors, effective immediately, and has appointed Dr. Shijia Tang a director of the Company to fill the vacancy, subject to regulatory approval. Dr. Tang is the President of Skyocean and he brings with him 20 years of mining expertise. The Directors wish Mr. Siemens all the best with his future endeavours and would like to extend their gratitude for his years of service and his contributions to the Board.
The funds raised from the issuance of the Shares will be used for exploration and development at the Company's Cassiar Gold Camp, as well as for general corporate and working capital purposes.
About Hawthorne Gold Corp.
Hawthorne Gold Corp. is a Canadian-based gold exploration and development company with key properties located in British Columbia, Canada. Hawthorne is led by well-respected mining leaders Richard Barclay and Michael Beley. Hawthorne's goal is to become a junior gold producer by working towards production at Table Mountain and the continued resource development at the nearby Taurus deposit.
ON BEHALF