(TheNewswire)
C algary , AB - TheNewswire- Feb ruary 9, 2023 - Pambili Natural ResourcesCorporation (" Pambili " or the " Corporation ")(TSX-V: PNN) is pleased to report the outcome of several resolutionspresented for consideration at Pambili’s special meeting ofshareholders, held on Dec. 28, 2022 at the offices of theCorporation.
The following resolutions received the requiredshareholder 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 ofDirectors sees fit.
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An application to convert Extraordinary Debt to sharesat C$0.025, subject to final approval by the TSX.
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The appointment of a fourth Director to theBoard.
“The Company is engaged in discussions with severalpotential Director candidates, any one of whom would add significantvalue to Pambili as we consolidate our position in the miningsector,” says Jon Harris, Pambili’s Chief ExecutiveOfficer.
An application to convert a total of C$788,221.39 of debt(including the Extraordinary Debt) has been submitted to the TSX forapproval which, once received, will result in the issuance of 31,528,860 new shares in the Company.
The above initiatives are intended to facilitatesecuring the next round of investment required to fund due diligenceon several producing gold targets in Zimbabwe.
About Pambili Natural ResourcesCorporation: Pambili Natural ResourcesCorporation is a natural resources exploration and development company( www.pambilinrc.com ) currentlyactive in Zimbabwe and in the province of Alberta.
For further information,contact:
Pambili NaturalResources Corporation
T : 403 2774421
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Caution Regarding Forward-Looking InformationForward-looking statements - Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often, but not always, identified by words such as“believes”, “may”, “likely”, “plans”, or similarwords. Forward- looking statements included in this news releaseinclude statements with respect to work to be done on the Happy Valleymine in Zimbabwe. These forward-looking statements are subject to numerous risks and uncertainties, certain ofwhich are beyond the control of the Corporation, including, but notlimited to the impact of general economic conditions, industryconditions, currency fluctuations, and dependence upon regulatoryapprovals. The Corporation does not assume any obligation to updatethe forward-looking statements to reflect changes in assumptions orcircumstances other than as required by applicable law.
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