RESULTS OF ANNUAL GENERAL AND SPECIAL MEETING
PAPUAN PRECIOUS METALS CORP. (the “Company”). The Company is pleased to announce that the shareholders approved all matters placed before them at the annual general and special meeting. The number of directors was fixed at three. Devinder Randhawa, Ross McElroy and Richard Matthews were elected to the board of directors of the Company. The Company’s stock option plan and a consolidation of the Company’s issued and outstanding share capital using a ratio of up to 4 to 1 were approved.
The shareholders approved by special resolution an arrangement (the “Plan of Arrangement”) under Division 5 of Part 9 of the Business Corporations Act (British Columbia) between the Company, the shareholders of the Company and the Company’s wholly-owned subsidiary Pioneer Pacific Finance Corp. The Plan of Arrangement has received the approval of the Supreme Court of British Columbia and the final approval by TSX Venture Exchange. The Company has set September 30, 2014 as the share distribution record with respect to the Plan of Arrangement. The shareholders also approved the stock option plan of Pioneer.
Dev Randhawa, Chairman and CEO
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