News Release
Barramundi Gold Ltd - News Release
Barramundi shareholders approve several motions at AGM
Barramundi Gold Ltd BAM
Shares issued 38,691,933 Sep 5 2002 close $ 0.02
Monday September 9 2002 News Release
Mr. John Bottomley reports
BARRAMUNDI GOLD LTD: CANADIAN RESOURCE EXPLORER ANNOUNCES RES ...
At Barramundi Gold's annual and special meeting of shareholders held in Vancouver on Tuesday, Sept. 3, 2002, its shareholders approved the election of Ewan Stoddart, Paul Ning, John Bottomley and Gary Artmont as the new directors of the corporation and the reappointment of PricewaterhouseCoopers as the auditors of the corporation. At a subsequent meeting of the directors, the following persons were appointed officers of the corporation:
Ewan Stoddart: Chairman and chief financial officer
Ken Barid: President and chief executive officer
John Bottomley: Executive vice-president and chief operating officer
William R. Johnstone: Corporate secretary
Mr. Barid has extensive international experience managing exploration and mining projects. Mr. Bottomley is currently the president and chief executive officer of Outlook Resources Inc., a TSX Venture Exchange listed natural resource company. Mr. Johnstone is the proprietor of Johnstone & Company, a small "boutique" securities law firm in Toronto, Ont. Mr. Johnstone was called to the Bar in Ontario in 1984 and worked as a member of the legal staff of a small Toronto law firm until establishing his independent practice in 1992. Mr. Johnstone is an officer and/or director of four other junior public companies. Mr. Artmont has over 25 years experience as a geologist. Mr. Artmont was the chief geologist for Freeport McMoran Indonesia from 1989 to 1995. He subsequently joined South Pacific Resources as exploration manager from 1995 to 1997 and was a consultant for Pacific Minerals Inc. from 1999 to 2002.
Shareholders also approved the continuance of the corporation into the federal jurisdiction from the Yukon and, subject to regulatory approval, a consolidation of the corporation's outstanding capital on the basis of one postconsolidated common share for each 10 preconsolidated common shares and a change of the name of the corporation to PacRim Resources Ltd.
In addition, the corporation obtained disinterested shareholder approval for its new stock option plan. Pursuant to the plan, 20 per cent of the corporation's current outstanding capital is reserved for granting options and insiders will be permitted to hold options in excess of 10 per cent of the corporation's outstanding capital.
Finally, shareholders approved, subject to regulatory approval, a private placement of 11,111,111 postconsolidated units priced at 22.5 cents per unit with three arm's-length private placees. Each unit will consist of one postconsolidated common share and one postconsolidated warrant to acquire a further postconsolidated share at a price of 30 cents for a period of two years. The proceeds of $2.5-million will be used to repay the corporation's outstanding secured debt which is currently in default. The private placement is expected to close immediately following the completion of the consolidation and name change.
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