Kanosak reports on its Annual General and Special Shareholders meeting and announces name change and key board appointments

MONTREAL, June 5, 2013 /CNW Telbec/ - Kanosak Capital Venture Corporation (TSXV: KKV) (the "Corporation" or "Kanosak") is pleased to announce the results of its Annual General and Special Shareholders meeting, as well as a name change and key board appointments.

Name Change

Kanosak announces that the name change to Algold Resources Ltd. has been approved by the shareholders and, subject to TSX Venture Exchange approval, will be effective in the coming weeks. There is no consolidation of capital and the shares of the Corporation will continue to be traded on the TSX Venture Exchange under the symbol "KKV ".

Board Appointments

Benoit La Salle, Chairman of Kanosak, is pleased to announce that Mr. John Sabine and Ms. Salma Seetaroo were elected to the Corporation's board of directors at the shareholder meeting.

Mr. John Sabine has over 30 years of legal expertise in mining, corporate reorganization, securities, financing, and mergers and acquisitions. Mr. Sabine is widely recognized for advising clients on complex international projects.

In addition Mr. Sabine has served on the board of directors of a number of public and private companies in a variety of businesses. Until its takeover in 2012 for over $1 billion by Mine Metals Resources, a large Chinese mining conglomerate, Mr. Sabine was a director and Chairman of the Board of Anvil Mining Limited. He is currently a director of Lipari Energy Inc., a Kentucky based thermal coal producer listed on the Toronto Stock Exchange.

Ms. Salma Seetaroo is the co-founder of Medea, a London-based natural resources merchant bank focused on Africa. She has many years of experience in the mining sector, structuring and raising finance (debt & equity) for mining companies in emerging markets such as Burkina Faso, Mauritania, Zambia, Democratic Republic of Congo and Zimbabwe. She previously worked at Société Générale as a mining finance banker and Oriel Securities as a corporate financier where, together with David Henry, she established a principal investment book in junior miners. She started her career at Norton Rose as a mining finance lawyer, being primarily involved in Francophone Africa.

Former directors Mr. René Lopez and Mr. Yves Rougerie did not seek re-election. The Corporation thanks them for their contributions and wishes them well in their future endeavours.

Annual Meeting Resolutions

The following resolutions were placed before shareholders at the 2013 Annual General and Special Meeting and were passed.

  1. Appointing PricewaterhouseCoopers LLP as Auditors of the Corporation and authorizing the Directors to fix their remuneration.

  2. Electing the directors of the Corporation.

  3. Authorizing a change in the Corporation's name from Kanosak Capital Venture Corporation to Algold Resources Ltd.

  4. Authorizing the creation of a new control person through the issuance of up to 8,000,000 common shares to Gondwana Gold Inc. in connection with the Corporation's previously-announced proposed acquisition of mining properties in Burkina Faso.

The total number of voting shares represented by shareholders present in person and by proxy at the meeting was 1,171,669 representing 16.67% of Kanosak's outstanding voting shares.

The six nominees listed in the Management Information Circular dated May 3, 2013 proposed for election as directors were elected by a show of hands. These are: Benoit La Salle, Chairman of the Board and Director; Yves Grou, Executive Vice Chairman and Director; François Auclair, CEO and Director; Jean François Lalonde, Director; John Sabine, Director; and Salma Seetaroo, Director.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Kanosak Capital Venture Corporation

For further information:

Kanosak Capital Venture Corporation 
François Auclair
President and CEO
+1 (514) 889 5089
+1 (514) 504 9657 (fax)

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Kanosak Capital Venture Corporation

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