The Copper Mountain Property covers the majority of the North Canning Uranium Deposit drilled by
The Athabasca Property has been acquired from a non-arm's length vendor in consideration for 9,000,000 common shares of Declan. The Copper Mountain Property has been acquired from one arm's length and one non-arm's length party for total consideration of 2,000,000 common shares of Declan. The share payments are to be made on final receipt of
All securities to be issued in connection with the property acquisitions are subject to a four month hold period from the date of issuance. Closing of the property acquisitions is subject to final TSX-V approval.
The Company also wishes to update that it has completed a 1004 line kilometer VTEM plus program on its newly acquired Maybelle North and
A 2005 VTEM survey by Red Dragon Resources successfully mapped the graphitic conductor associated with the Dragon Lake Deposit located approximately 25 kilometres to the south of the
The Maybelle North and
The Company also announces a non-brokered private placement of up to 20 million units at a price of
The Company also advises that its board of directors (the "Board") has adopted an advance notice policy (the "Policy") which includes, among other things, a provision that requires advance notice be given to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (
Additionally, the Policy sets a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders, sets forth the information that a shareholder must include in the notice to the Company, and establishes the form in which the shareholder must submit the notice for that notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 days nor more than 65 days prior to the date of the annual meeting. However, in the event that the annual meeting is to be held on a date that is less than 40 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the tenth (10th) day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting) notice to the Company must be made not later than the close of business on the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting was made.
The Company will, at its next annual meeting, seek shareholder approval to amend the articles of the Company to include the provisions of the Policy. The Company's next annual general meeting has been scheduled for
The full text of the Policy is available under the Company's SEDAR profile at www.sedar.com.
Declan also announces the cancellation of 2,400,000 existing stock options.
FOR FURTHER INFORMATION PLEASE CONTACT:
Declan Resources Inc. Tyson King(604) 639-4472 www.declanresources.com Source: Declan Resources Inc.