PACIFIC CASCADE COMPLETES ACQUISITION OF TURNER LAKE PROJECT, NUNAVUT; PROVIDES CORPORATE UPDATE
Pacific Cascade Minerals Inc. has completed the acquisition of a 100-per-cent interest in the Turner Lake project, located in Nunavut. The Company paid $46,720.79 as reimbursement of expenses incurred to the vendor of the Property, Canadian Palladium Resources Inc. (formerly Declan Cobalt Inc.), and issued 1,000,000 common shares of the Company to the Vendor as consideration for the Property. There is a 1.0% net smelter return (“NSR”) reserved by the original property owners which may be purchased for the sum of $1,000,000 at any time after commercial production.
The Property consists of 2 claims, T1 K90329 and M1 K90330 totaling 1925 hectares, near Bathurst Inlet in the Kitikmeot District of Western Nunavut, approximately 560 km northeast of Yellowknife, NWT.
Pacific Cascade’s chief executive officer and President, Harold Forzley, said: “We are very pleased to complete the acquisition of these claims. We are excited to get on site and begin our program, once Covid 19 restrictions are eased in Nunavut and NWT.”
The Company is pleased to announce results of voting at its annual general meeting of shareholders which was held yesterday in Vancouver, British Columbia (the “Meeting”). All matters submitted to the shareholders for approval as set out in the Company’s Notice of Meeting and Information Circular, dated June 16, 2020 were approved by an overwhelming majority of votes cast at the Meeting.
NUMBER OF DIRECTORS
Shareholders approved the setting of the number of Directors at three.
ELECTION OF DIRECTORS
The shareholders elected the following slate of Directors:
- Harold Forzley;
- Stephen Millen;
- Sean Orr.
APPOINTMENT OF AUDITORS
Smythe LLP, Chartered Professional Accountants were reappointed as Auditors of the Company for the ensuing year with their remuneration to be fixed by the Board of Directors.
RECONFIRMATION OF THE STOCK OPTION PLAN
Shareholders approved the Company’s “rolling 10%” stock option plan.
APPOINTMENT OF CFO
Following the Meeting, Christopher L. MacPherson was appointed as Chief Financial Officer of the Company.
Chris has 25 years’ experience in finance, banking and entrepreneurial enterprises in the North American markets. He has extensive experience in the capital markets and has been responsible for finance and marketing activities, funding and acquisition opportunities as well as assisting in strategic and tactical matters. He has sat on a number of boards, including BC Hydro and Westech.
We seek Safe Harbor.