(TheNewswire)
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Calgary, AB - TheNewswire - February 9, 2023 - Pambili Natural Resources Corporation ("Pambili" or the "Corporation") (TSX-V: PNN) is pleased to report the outcome of several resolutions presented for consideration at Pambili’s special meeting of shareholders, held on Dec. 28, 2022 at the offices of the Corporation.
The following resolutions received the required shareholder approval:
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A share consolidation of up to a maximum of ten for one (10:1) at any time within 12 months of the meeting, as the Board of Directors sees fit.
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An application to convert Extraordinary Debt to shares at C$0.025, subject to final approval by the TSX.
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The appointment of a fourth Director to the Board.
“The Company is engaged in discussions with several potential Director candidates, any one of whom would add significant value to Pambili as we consolidate our position in the mining sector,” says Jon Harris, Pambili’s Chief Executive Officer.
An application to convert a total of C$788,221.39 of debt (including the Extraordinary Debt) has been submitted to the TSX for approval which, once received, will result in the issuance of 31,528,860 new shares in the Company.
The above initiatives are intended to facilitate securing the next round of investment required to fund due diligence on several producing gold targets in Zimbabwe.
About Pambili Natural Resources Corporation: Pambili Natural Resources Corporation is a natural resources exploration and development company (www.pambilinrc.com) currently active in Zimbabwe and in the province of Alberta.
For further information, contact:
Pambili Natural Resources Corporation
T: 403 277 4421
Neither 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.
Caution Regarding Forward-Looking Information Forward-looking statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often, but not always, identified by words such as “believes”, “may”, “likely”, “plans”, or similar words. Forward- looking statements included in this news release include statements with respect to work to be done on the Happy Valley mine in Zimbabwe. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including, but not limited to the impact of general economic conditions, industry conditions, currency fluctuations, and dependence upon regulatory approvals. The Corporation does not assume any obligation to update the forward-looking statements to reflect changes in assumptions or circumstances other than as required by applicable law.
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