VAL-D'OR, QC, March 29, 2013 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) (the "Corporation" "Abitex") provides the following corporate update to its shareholders:
The Corporation's annual general and special meeting ("AGSM") was held February 28th at the Corporation's offices in Val d'Or, Quebec. Proxy votes totalling 18.5M representing 19.45% of the total outstanding common shares of the Company were cast at the meeting. All directors were elected with 85% of admissible votes, nomination of auditors was approved with 99% of admissible votes and re-approval of the stock option plan received 83.7% of votes. Two special resolutions were also approved by the shareholders at the AGSM. The special resolutions proposing a consolidation of the Company's share capital, which required approval by no less than two-thirds of the votes cast, and a name change were both approved with 97.5% support of admissible votes.
Share Consolidation and Name Change
Following the AGSM, the Board of Directors of the Company has decided to proceed with the share consolidation and name change approved by shareholders.
The consolidation of common shares of the Corporation will be done on the basis of ten (10) existing shares for one (1) new common share. No fractional shares will be issued; all fractional shares will be rounded up or rounded down to the nearest whole number. Once the Share Consolidation is implemented, the number of outstanding securities of the Corporation will be 9,510,943 common shares.
The Corporation has also taken steps to change its name from "Abitex Resources Inc." to "ABE Resources Inc.".
The consolidation and name change are subject to the approval of regulatory authorities and should be effective within the next two weeks. Documentation pertaining to the exchange of share certificates will be mailed to shareholders shortly.
Management of the Corporation believes the share consolidation and name change are in the best interests of the shareholders and will allow the Corporation to access additional financing for the exploration of its property portfolio.
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.
This press release contains "forward-looking information" which is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information.
SOURCE: ABITEX RESOURCES INC.
For further information:
Yves J. Rougerie
President and CEO
Tel: (819) 874-6200 ext. 222