Willowstar Capital Inc.

June 29, 2009 18:16 ET

Willowstar Announces Shareholder Meeting Results and NEX Transfer

TORONTO, ONTARIO--(Marketwire - June 29, 2009) - WILLOWSTAR CAPITAL INC. ("Willowstar" or the "Corporation") (TSX VENTURE:WWM.P), a Capital Pool Company, held its annual and special meeting of shareholders on June 22, 2009 (the "Meeting"). At the Meeting the shareholders received the audited financial statements for the fiscal years ended December 31, 2006, December 31, 2007 and December 31, 2008. The Shareholders also elected four directors (Mr. Mark Raguz, Mr. Stephen Dunn, Mr. Gino Cozza and Mr. Luciano Grossi), re-appointed Schwartz Levitsky Feldmann LLP as the Corporation's auditors for the ensuing year, approved a name change of the Corporation to "Creso Resources Inc." or such other name as the directors of the Corporation determine to be acceptable, approved the Corporation's 10% rolling stock option plan, authorized the Corporation to apply to list its common shares on the NEX Board and authorized the cancellation of 999,999 seed shares previously issued to non-arm's length parties, pursuant to TSX Venture Exchange Policy 2.4, Capital Pool Companies. The foregoing seed shares have now been cancelled and all final documentation has been submitted to the TSX Venture Exchange in respect of the transfer to NEX. This transfer has been approved and listing on the NEX will take effect at the opening of markets on July 2, 2009.

The Corporation is currently working to complete its previously announced proposed qualifying transaction (the "Transaction") with Creso Resources Inc. ("Creso"), whereby the Corporation has agreed to acquire all of the issued and outstanding common shares of Creso in exchange for Willowstar common shares having a deemed value of $0.15 per share. Completion of the Transaction will be subject to the satisfaction of a number of conditions, including, but not limited to: receipt of gross proceeds of not less than $750,000 pursuant to a concurrent financing; completion or waiver of sponsorship; receipt of all necessary consents, approvals, etc.; completion of all due diligence reviews; the entering into of a definitive agreement in respect of the Transaction; the approval of the respective boards of directors of Willowstar and Creso; and satisfaction of the Minimum Listing Requirements of the TSX Venture Exchange and all requirements under TSX Venture Exchange rules relating to completion of a "Qualifying Transaction".

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

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 the release.

Contact Information

  • Willowstar Capital Inc.
    Mark Raguz
    President and CEO
    (416) 200-3847
    (416) 447-1381 (FAX)