J-Pacific Gold Inc.

J-Pacific Gold Inc.

November 16, 2009 12:48 ET

J-Pacific to Hold Special Meeting of Shareholders

Company Moves Forward with Rebranding and Share Consolidation

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Nov. 16, 2009) - J-Pacific Gold Inc. (the "Company" or "J-Pacific") (TSX VENTURE:JPN) announced today that it will hold a Special Meeting (the "Meeting") of shareholders on Friday, December 11, 2009. At the Meeting, the Company will ask shareholders to approve (i) the Company's name change from J-Pacific Gold Inc. to Sona Resources Corp., (ii) a consolidation of the Company's shares on a five old for one new basis, and (iii) the grant of new options to insiders of the Company, exercisable at a post-consolidation price of $0.60, which will replace cancelled options previously granted to such insiders.

The Company's board of directors has approved the proposed name change and share consolidation, and believes that the time is right for a corporate name change and a reduction in the number of Company shares outstanding. Nick Ferris, President and CEO, says, "The Company is putting itself on the road to becoming a gold producer with sustaining cash flow. Our corporate restructuring and rebranding constitutes an important first step in this process."

Further details regarding the name change and the consolidation can be obtained from the Company's information circular, which has been mailed to shareholders today and which is available under the Company's profile on SEDAR. The name change, consolidation and grant of new stock options to insiders remain subject to approval by the TSX Venture Exchange.

The Company also wishes to announce that Ralph Braun has resigned as Chief Financial Officer to pursue other business interests. He will be replaced by Wayne Cahill. The Company thanks Mr. Braun for his work for the Company over the past eight years.

Wayne Cahill is a Certified General Accountant who has been employed by the Newport Group Chartered Accountants for the past six years. Formerly, he worked with BDO Dunwoody and Evancic Perrault Robertson, Certified General Accountants. Mr. Cahill also served as a director of the of Coquitlam, BC, Chamber of Commerce. Says Mr. Ferris, "We believe Wayne Cahill has the right experience and knowledge to help move the Company toward its long-term goals."

A total of 925,000 new stock options have been granted by the Company to directors, officers, employees and consultants of the Company. A further 5,125,000 stock options have been granted to directors, officers, employees and consultants of the Company to replace the same number of options cancelled by the Company. These previously issued options had exercise prices ranging from $0.30 to $0.70. All options granted will have an exercise price of $0.12, or $0.60 on a post-consolidation basis, and will be exercisable for a 10-year period.

Following the consolidation, the Company will have 1,210,000 options outstanding. All of the Company's previously granted stock options have been cancelled and will be replaced by this new grant of options. The stock options granted to officers and directors of the Company in replacement of the cancelled options may not be exercised until shareholders have approved such grant at the Company's Meeting.

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

Contact Information

  • J-Pacific Gold Inc.
    Nicholas Ferris
    President and CEO
    +1 (888) 236-5200
    +1 (604) 684-6678 (FAX)
    Marston Webb International
    Victor Webb
    Media Inquiries
    +1 (212) 684-6601
    Marston Webb International
    Madlene Olson
    Media Inquiries
    +1 (212) 684-6601
    +1 (212) 725-4709 (FAX)