Takara Resources Inc.

Takara Resources Inc.

June 26, 2008 10:27 ET

Takara Resources Inc.: Annual General Meeting Results and Corporate Update

TORONTO, ONTARIO--(Marketwire - June 26, 2008) - Takara Resources Inc. (TSX VENTURE:TKK) announces the results of its Annual General Meeting (the "Meeting") held in Toronto, Ontario. At the Meeting, the Shareholders of the Company approved all the resolutions put before them by management, including the elections of directors, the appointment and remuneration of the auditor, and the approval of the Company's 2006 Stock Option Incentive Plan.

Returning board members re-elected are: Mesdames Jennifer L. Boyle, Pamela Strand, Carrie Howes, and Marjorie (Marni) Wieshofer, all of whom shall serve as directors of the Company until the Company's next annual meeting of shareholders.

Other results of the Meeting include the re-appointment of the Company's auditors namely, Raymond Chabot Grant Thornton, and the approval of the Corporation's 2006 Stock Option Incentive Plan. Additionally, the directors approved the granting of 850,000 incentive stock options exercisable at $0.15 per share for a period of five years from the date of grant. 575,000 of these options were granted to officers and directors of the Company, 225,000 reserved to employees/consultants of the Company, and the remaining 50,000 to Jean Dan Management Ltd., in accordance with the investor relations policies of the TSX Venture Exchange (See November 8, 2007 Press Release). The options to Jean Dan Management shall vest and become exerciseable as to one quarter of the number granted on a quarterly basis over the ensuing year, and shall expire 30 days upon termination of the Company's agreement with Jean Dan Management. The options are in no way related to achievement of certain market-oriented factors, such as trading volume or price parameters.

Lastly, Takara announces that Ms. Annie Karahissarian has resigned as Chief Financial Officer of the Company in order to better focus on her current mandates in Val d'Or, Quebec, and accordingly, Ms. Wesleigh Harkness has been appointed as interim Chief Financial Officer. Ms. Harkness holds a Hon. B.A. from the Richard Ivey School of Business and has spent the last year working as a corporate finance consultant for Takara Resources, specifically assisting with the reverse take-over. She previously worked with Sprott Asset Management under the sales and marketing division.

The securities of Takara Resources Inc. have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any U.S. State, and may not be offered or sold in the United States or to any "US Person" (as defined in Regulation S under the Securities Act of 1933) absent registration or an exemption from registration.

Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by Takara, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Takara or its business operations. Takara disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Takara Resources Inc.
    Jennifer L. Boyle
    (647) 430-0966 (work)
    Takara Resources Inc.
    Pamela Strand
    Chair of the board
    (780) 435-0045 (work)