THEMAC Resources Group Limited

December 23, 2010 09:00 ET

THEMAC Announces Results of Annual General Meeting and Election of New Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 23, 2010) - THEMAC Resources Group Limited ("THEMAC" or "the Company") (TSX VENTURE:MAC.H) is pleased to announce that further to its news release dated November 24, 2010, all the resolutions proposed at Annual General Meeting of shareholders of the Company held on December 21, 2010 (the "AGM") were duly passed. In addition to the customary corporate matters approved at the AGM, the Company has obtained "minority approval" (as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions) for the non-brokered private placement to Tulla Resources Group Pty Ltd. (the "Financing") of 40,000,000 units of the Company (the "Units") at a price of $0.255 per Unit for total gross proceeds of $10,200,000, on such terms as are more particularly described in the Company's Management Proxy Circular dated November 1, 2010.

The Company will proceed with the closing of the Private Placement (which is subject to the final acceptance of the TSX Venture Exchange) in conjunction with the closing of the transaction with ECR Minerals plc ("ECR" formerly known as "Electrum Resources plc" and previously as "Mercator Gold plc") and ECR's wholly-owned subsidiary Copper Flat Corporation, involving the Company's acquisition of the Copper Flat Property (the "Acquisition"). The Financing and the Acquisition remain subject to the approval of the TSX Venture Exchange.

At the AGM, each of Kevin William Maloney, Stephen Law and Barrett Sleeman were re-elected to the Board of Directors (the "Board") of the Company. In addition, the Company is pleased to announce that John Cook was also nominated and also elected to the Board as an independent director. Mr. Cook is based in Sydney, Australia as an equity consultant with over 40 years of experience as an institutional and high net worth adviser, specializing in raising capital for mining companies. Since 1989, Mr. Cook has been a consultant with Reynolds Stockbroking in Sydney, which later merged with RBS Morgans Limited.

Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has reviewed, nor do they accept responsibility for the adequacy or accuracy of, this release.

Contact Information

  • THEMAC Resources Group Limited
    Barrett Sleeman, P.Eng.
    Chief Executive Officer
    (604) 806-6110
    (604) 806-6112 (FAX)