CALGARY, Nov. 30, 2011 /CNW/ - Petroamerica Oil Corp. (TSX-V: PTA) ("Petroamerica" or the "Company"), is pleased to announce that all of the resolutions put forth at its Annual General and Special Meeting of Shareholders held on November 29,
2011 have been approved. In addition to the standard annual shareholder
resolutions which include the approval of Petroamerica's rolling stock
option plan and the appointment of Deloitte & Touche LLP, Chartered
Accountants as auditors for the coming year, further resolutions were
put forth and approved at the meeting, and are described in more detail
The number of directors was set at five, and the election of the
Company's Board of Directors was passed:
Michael Beckett - Director of the Company since October 2009. Also director of Endeavour
Mining Corporation since 2002 (and Chairman since 2008).
Jeffrey S. Boyce - Executive Chairman of the Board since January 2011, and Director of
the Company since October 2009. Also Chairman and Chief Executive
Officer of Sure Energy Inc. since 2006.
Augusto Lopez - Director of the Company since October 2009. Also Director of Pacific
Rubiales Energy Corp. since 2008.
Nelson Navarrete - Director of the Company since June 2011; President and Chief
Executive Officer of the Company since January 2011.
John Zaozirny - Director of the Company since October 2009. Also Vice-Chairman and a
director of Canaccord Capital Corporation since 1986, Chairman of
Provident Energy Trust since 2001, and Director of Pengrowth
Corporation since 1987.
The Company also received shareholder approval at the meeting to ratify
and confirm the adoption of a shareholder rights plan (the "Rights Plan") which was implemented pursuant to the shareholder rights plan
agreement (the "Agreement") entered into between the Company and Computershare Trust Company of
Canada, as rights agent, on September 14, 2011. The Rights Plan took
effect immediately upon execution of the Agreement and the Company is
pleased to announce the confirmation by shareholders. A copy of the
Rights Plan is available on SEDAR at www.sedar.com.
Petroamerica is also pleased to announce that it has issued options
exercisable into a total of 12.01 million common shares to certain
directors, officers, employees and consultants of the Company with an
exercise price of $0.135 per share, subject to regulatory approval. The
options were issued pursuant to the Company's stock option plan and
expire on November 29, 2021. The options vest in thirds, with one third
vesting upon issuance and one third vesting on each of the first and
second anniversaries of issuance. The board of directors approved the
issuance of the options to bring the compensation of the directors,
officers, employees and consultants more in line with the Company's
Petroamerica is a junior oil and gas company operating in Colombia and
its shares are listed on the TSX Venture Exchange under the symbol
Neither the 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.
SOURCE Petroamerica Oil Corp.
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