Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

September 17, 2010 16:59 ET

Pershimco Resources Announces the Issue of Shares for Debt and the Granting of Stock Options

ROUYN-NORANDA, QUEBEC--(Marketwire - Sept. 17, 2010) - Pershimco Resources Inc. (the "Corporation") (TSX VENTURE:PRO)(FRANKFURT:BIZ) announces that following the approval of disinterested shareholders at the Corporation's Annual and Special Meeting of Shareholders held September 11, 2010 (the "Annual Meeting"), the Corporation has received the final approval of the TSX Venture Stock Exchange regarding the issuance of the following 2,000,000 Class "A" shares of the Corporation (the "Common Shares"), at a price of $0.15 per Common Share, in partial reimbursement of realized works and investments reflected in the Corporation's financial statements: (i) 666,667 Common Shares issued to 143454 Canada Ltd., a corporation held by Mr. Roger Bureau, for works and investments completed on the Courville property for a total of $100,000; and (ii) 1,333,333 Common Shares issued to Recursos Mexcan S.A. de C.V., a corporation held by Mr. Alain Bureau and Mr. Roger Bureau, for works and investments completed in Mexico for a total of $200,000.

Following the Annual Meeting, the Corporation is pleased to announce the reappointment of the following directors and officers and such, until the following annual meeting of shareholders: Mr. Alain Bureau, President, Chief Executive Officer and Director; Mr. Roger Bureau, Chairman of the Board of Directors; Mr. Jacques Fortin, Vice-President of Finance, Secretary and Director; Mr. Jean Lafleur, Director; Mr. Claude Arcand, Director; and Mr. Luc Fortin, Director. Based upon a decision of the Board of Directors and considering the absence of monetary compensation of the Corporation's officers, the Board of Directors has granted 1,470,000 stock options to its active members for a 5-year period, at an exercise price of $0.40 per Common Share. Insiders having received stock options are: Mr. Alain Bureau (600,000), Mr. Roger Bureau (400,000), Mr. Jacques Fortin (100,000), Mr. Jean Lafleur (100,000), Mr. Claude Arcand (100,000) and Mr. Luc Fortin (100,000).

About Pershimco Resources Inc.

Pershimco Resources Inc. is a Canadian-based resource exploration corporation holding strategic gold and base metal properties located in Quebec (Canada), Mexico and Panama with a goal of efficiently advancing these properties towards feasibility and development.

The Company's documents are available on www.sedar.com.

Neither 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

  • Pershimco Resources Inc.
    Alain Bureau, P. Eng.
    President and Chief Executive Officer
    819-797-2180
    www.pershimco.ca.