VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2014) - Azure Resources Corporation (the "Company") (TSX VENTURE:AZU) is pleased to announce that the Board of Directors has resolved to change the name of the Company to Panorama Petroleum Inc. The Board has also resolved to consolidate the common shares of the Company on the basis of 1 post-consolidation common share for each 10 common shares currently issued and outstanding. The Company will hold a Special Meeting of Shareholders on June 6, 2014, at which shareholders will be asked to approve the name change and the consolidation.
In conjunction with the name change and share consolidation and as per the News Release issued by the Company on April 23, 2014, the Company will conduct a post-consolidation non-brokered private placement in the form of a Unit offering comprised of 10 million Units priced at $0.15 per Unit. Each Unit will consist of one post-consolidation common share of the Company and one share purchase warrant (a "Warrant") with each whole Warrant entitling the holder to acquire an additional common share of the Company at $0.25 per common share for a period of 6 months after issuance. Closing of the offering is anticipated to take place shortly after the Special Meeting of Shareholders.
Finders' fees may be payable in cash or common shares of the Company in accordance with Exchange policies.
Net proceeds of the private placement will be applied towards working capital and general corporate purposes.
The proposed name change, share consolidation and the private placement and related transactions are subject to TSX Venture Exchange acceptance.
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 or the adequacy or accuracy of this release. Certain information provided in this news release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.