Canadian Phoenix Resources Corp.
TSX VENTURE : CPH

Canadian Phoenix Resources Corp.

November 13, 2009 14:41 ET

Canadian Phoenix Resources Corp.: Results of Annual General & Special Meeting of Shareholders

CALGARY, ALBERTA--(Marketwire - Nov. 13, 2009) - CANADIAN PHOENIX RESOURCES CORP. ("Canadian Phoenix" or the "Corporation") (TSX VENTURE:CPH) announces that at the annual general and special meeting of its shareholders held on November 12, 2009, the following individuals were elected directors of the Corporation: Harry Knutson, Daryl Clark, Bryce Rhodes, Michael Atkinson and David Tuer.

The shareholders also approved the ordinary resolutions to amend the terms of the outstanding share purchase warrants such that the exercise price of the outstanding warrants will be decreased to $0.05 for the first year following the date of amendment and $0.10 for the balance of the term of the warrants. The expiry of the outstanding warrants was also extended by one year, subject to an accelerated expiry date if certain conditions are met, as outlined in the Management Proxy and Information Circular dated October 14, 2009 and filed on www.sedar.com. As required, meetings of warrantholders to approve the amendments will be scheduled for a future date with proper notice to be served. The amendments to the warrants are subject to acceptance by the TSX Venture Exchange and the approval of the affected warrantholders.

In addition, the shareholders also approved a special resolution to consolidate the issued and outstanding common shares of Canadian Phoenix on a 25 old for 1 new basis. Further information regarding the effective date of the consolidation and commencement of trading of the post-consolidated shares will be issued in due course, pending regulatory approvals. No fractional shares will be issued pursuant to the consolidation and fractional entitlements will be rounded down to the next lowest whole number of post-consolidated common shares. The Corporation will issue a further press release on the effective date of the consolidation, at which time registered shareholders will be required to exchange their existing share certificates representing pre-consolidated common shares for the new post-consolidated shares by submitting their old certificates, together with a completed and signed Letter of Transmittal, to the Corporation's transfer agent, Computershare Trust Company of Canada. Letters of Transmittal were distributed to registered shareholders with the proxy materials for the November 12, 2009 meeting and may also be obtained from Computershare Trust Company of Canada, P.O. Box 7021, 31 Adelaide Street E, Toronto, ON M5C 3H2 Attention: Corporate Actions (Tel: 1-800-564-6253) or downloaded from SEDAR at www.sedar.com. The consolidation of the common shares is subject to acceptance by the TSX Venture Exchange.

Number of Common Shares outstanding, post-consolidation – 45,275,751

Canadian Phoenix Resources Corp. is a publicly-traded junior oil and gas exploration, development and production company with operations in Western Canada. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CPH".

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.

Contact Information

  • Canadian Phoenix Resources Corp.
    Robert Chenery
    Interim Chief Executive Officer
    (403) 920-0040
    or
    Canadian Phoenix Resources Corp.
    Adeline Martin
    Interim Chief Financial Officer
    (403) 705-1192