Ecometals Limited Announces the Exercise and Expiry of Warrants and the Results of the Annual and Special Shareholders' Meeting
March 03, 2010 at 14:41 PM EST
TORONTO, ONTARIO--(Marketwire - March 3, 2010) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES
Ecometals Limited (the "Company") (TSX VENTURE:EC)(BERLIN:GDQ)(FRANKFURT:GDQ) announces that, further to its press release dated January 28, 2010 announcing the acceleration of the expiry date of warrants (the "Warrants") issued pursuant to its previously reported offering completed on October 9 and 26, 2009, an aggregate of 6,384,717 common shares of the Company, representing gross proceeds of approximately CDN$4,150,066, have been issued as a result of the exercise of the Warrants. All unexercised Warrants expired at 5:00 pm (Vancouver time) on February 26, 2010.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer of securities for sale in the United States or Canada or the solicitation of an offer to buy securities in the United States or Canada, nor shall there be any sale of the securities in any jurisdiction or state in which such offer, solicitation or sale would be unlawful.
The Company is also pleased to report on the results of the Company's annual and special meeting of shareholders held on March 3, 2010 (the "Meeting").
At the Meeting the shareholders of the Company elected each of management's nominees as the directors of the Company to hold office until the next annual meeting of shareholders or until their respective successors are duly elected or appointed. Management's nominees were: Keith R. Hulley, Francis Scola, Mark L. Kesselman, William Lamarque, Christophe Charlier, and Daniel Major.
PricewaterhouseCoopers, LLP was appointed as the auditors of the Company for the ensuing financial year, and the board of directors of the Company was authorized to fix the remuneration of the auditors.
In addition, at the Meeting the shareholders of the Company approved and ratified amendments to the Company's stock option plan, and approved the adoption of new bye-laws for the Company to replace the previous bye-laws of the Company. Each of such items of special business are more fully described in the information circular of the Company dated January 29, 2010, which is available at www.SEDAR.com.
Ecometals Limited is a Canadian-listed mineral exploration and development company focused on mineral resources in Latin America. Apart from its gold exploration activities in Ecuador, Ecometals also has significant manganese and iron projects in Brazil at grass roots and development planning stages.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.