Grasslands Entertainment Inc.

Grasslands Entertainment Inc.

November 07, 2011 12:24 ET

Grasslands Entertainment Inc. Announces Results of AGM Voting

TORONTO, ONTARIO--(Marketwire - Nov. 7, 2011) - Grasslands Entertainment Inc. (TSX VENTURE:GEE) ("Grasslands" or the "Company"), is pleased to announce the outcome of voting at their October 31st, 2011 Annual General Meeting ("AGM").

Highlights from the AGM:

With the majority of the eligible votes cast at the meeting voting with management, Grasslands:

  • Re-appointed Collins Barrow Toronto LLP as auditors of the Company.
  • Passed an ordinary resolution approving the acquisition of Lakeside Minerals Corp. ("Lakeside"), as more fully described in the Information Circular dated September 29th, 2011, which is filed on SEDAR.
  • Elected Yannis Banks, Jeremy Goldman, Scott Jobin-Bevans, Richard Cleath, Andres Tinajero, Jean-Pierre Chauvin and Jean-Francois Pelland as directors of the Company.
  • Passed a special resolution approving the 5:1 share consolidation, as more fully described in the Information Circular in preparation for the closing of the Reverse Take-Over ("RTO") with Lakeside.
  • Passed a special resolution approving the continuance of the Company from Alberta to Ontario, as more fully described in the Information Circular.
  • Passed a special resolution approving the change of the Company's name to Lakeside Minerals Inc.
  • Approved and adopted the Company's 10% rolling stock option plan.

Subsequent to the AGM, the new board of directors re-appointed James Ripley as CEO, Randy Koroll as CFO of the Company, and appointed Ned Studer as Secretary of the Company. These management positions are interim positions until the closing of the RTO with Lakeside. Subsequent to closing the RTO, each of Messrs Ripley, Studer and Koroll will resign from their respective positions as officers of the Company and the Company will appoint each of Mr. Mario Justino as CEO and President, Mr. Chris Hazelton as CFO and Mr. Adam Szweras as Secretary.

Update on the Lakeside RTO

As reported in the Company's press release dated October 14, 2011, the RTO with Lakeside has been conditionally approved by the Exchange. Financing co-agents Union Securities Ltd. ("Union") and Foundation Markets Inc. ("FMI") are marketing the concurrent offering. The consolidation and name change are not expected to be effected until the closing of the RTO with Lakeside.

About Grasslands Entertainment Inc.

Grasslands Entertainment Inc. is headquartered in Calgary, Alberta and is publicly traded on the TSX Venture Exchange under the symbol GEE. It creates, develops, finances, produces and distributes proprietary television programming for worldwide markets. Grasslands has a proven track record of producing quality, cost-effective programming with worldwide audience appeal.

About Lakeside Minerals Corp.

Lakeside Minerals Corp. is engaged in acquiring and exploring gold and rare earth mineral properties in the mining-friendly jurisdiction of Quebec.

Lakeside completed a NI 43-101 Technical Report on the company's Dufay property, located 30 km west of Rouyn-Noranda, northwestern Quebec. The company is currently assessing the Dufay property for its gold and copper potential. The property is situated 4 km south of the Larder Lake - Cadillac Fault Zone and just 5 km east of the historic Kerr-Addison gold mine.

Lakeside's management and board have extensive experience in exploring and developing mineral deposits and building shareholder value.

Completion of the Reverse Take-Over is subject to a number of conditions including, but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the Reverse Take-Over cannot close until the required shareholder approval is obtained. There can be no assurance that the Reverse Take-Over will be completed as proposed, or at all.

Investors are cautioned that, except as disclosed in management information circular prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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

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