Royce Resources Corp. (ROY: NEX Board of TSX - Venture Exchange)
AADCO Automotive Inc. (AA: TSX - Venture Exchange)
VANCOUVER, Jan. 2 /CNW/ - Royce Resources Corp. ("ROYCE" or the
"Corporation") announces that it has obtained necessary shareholder approvals
for previously announce transactions and re-organization events at its
shareholders meeting conducted on December 28, 2007, and has now completed
such transactions and re-organization events.
More particularly, ROYCE announces that:
1. It has completed the sale of substantially all of its assets and
liabilities, as held by its main operating subsidiary Aadco Vehicle
Disposal Service Inc., to 2157437 Ontario Inc. which is the
nominee/assignee of Quorum Secured Equity Trust and Quorum Investment
Pool Limited Partnership. Consideration consisted of a payment of
$100,000 less a previous advance of $26,500 to the Corporation and
the assumption of substantially all of the current long and short
term obligations associated with the automobile dismantling business.
2. It has changed its name from Aadco Automotive Inc. to Royce Resources
Corp. Additionally, the Corporation's subsidiary, Aadco Vehicle
Disposal Service Inc., has changed its name to 1162137 Ontario Inc.
3. It has completed a share consolidation carried out on the basis of
five (5) pre-consolidation shares for one (1) post-consolidation
4. It has completed a shares for debt transaction, under which
53,973,870 post-consolidation common shares were issued to settle
aggregate debt of $5,060,050.27 outstanding as of the date of the
shareholders meeting on December 28, 2007.
5. It has obtained shareholder approval for a change of control in
favour of Robert L. Hodgkinson, a director of the Corporation and
Chairman of the Board.
6. It has obtained shareholder approval of its stock option plan which
provides to the issuance of a maximum of 2,160,000 post-consolidation
shares as a consequence of the exercise of stock options. There
currently are no stock options outstanding.
Taking into consideration all of the foregoing, there are now
77,665,067 common shares outstanding.
A new director, Mr. Darren Devine, has been elected at the December 28,
2007 shareholders meeting. The directors of the Corporation now are: Robert L.
Hodgkinson, Charles Hodgkinson, Phillip D. Bretzloff, and Darren Devine.
The Corporation now trades under the symbol ROY. The Corporation has been
transferred to the NEX board of the TSX Venture Exchange.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information:
For further information: Royce Resources Corp., (604) 638-5052, Phillip
D. Bretzloff, Director