Pinecrest Resources Ltd.
TSX VENTURE : PCR

April 11, 2013 16:30 ET

Pinecrest Adopts Advance Notice Policy for Directors Nominations

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 11, 2013) - Pinecrest Resources Ltd. ("Pinecrest") (TSX VENTURE:PCR) announces that at its annual and special meeting held on April 4, 2013, the shareholders of the Company approved an advance notice policy (the "Policy"), for the purpose of providing shareholders, directors and management of Pinecrest with a clear framework for nominating directors. The Policy is meant to: (i) facilitate an orderly and efficient annual general or, where the need arises, special meeting, process; (ii) ensure all shareholders receive adequate notice of the director nominations and sufficient information with respect to all nominees; and (iii) allow shareholders to register an informed vote having been afforded reasonable time for appropriate deliberation.

The Policy contains a provision that requires advance notice to Pinecrest in circumstances where nominations of persons for election to the board of directors are made by shareholders of Pinecrest. The Policy fixes deadlines by which holders of record of common shares of Pinecrest must submit director nominations to Pinecrest prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to Pinecrest for an effective nomination to occur. No person will be eligible for election as a director of Pinecrest unless nominated in accordance with the provisions of the Policy.

The deadline for notice to Pinecrest in the case of an annual meeting of shareholders is not less than 30 days nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.

In the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for any other purposes), the deadline for notice to Pinecrest is no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The board of directors of the Company has determined that the Policy is effective, and in full force and effect as of April 4, 2013.

The full text of the Policy is available via SEDAR under Pinecrest's issuer profile at www.sedar.com or upon request by contacting the Corporate Secretary at 604-628-1012.

ON BEHALF OF THE BOARD

Edward Farrauto, CGA, President and CEO

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed and elsewhere in the company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Pinecrest does not assume the obligation to update any forward-looking statements.

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

  • Pinecrest Resources Ltd.
    Corporate Secretary
    604-628-1012