Yoho Resources Inc.

Yoho Resources Inc.

March 12, 2008 19:05 ET

Yoho Resources Inc. Announces Results of Annual and Special Meeting of Common Shareholders

CALGARY, ALBERTA--(Marketwire - March 12, 2008) -


Yoho Resources Inc. (TSX VENTURE:YO) ("Yoho" or the "Corporation") is pleased to announce the results of its annual and special meeting of voting common shareholders held on March 11, 2008.

At the meeting of voting common shareholders, all resolutions tabled at the meeting were approved by an overwhelming majority. In addition to approving the appointment of directors and auditors, voting common shareholders also approved the Corporation's stock option plan, approved an employee share purchase plan, approved the creation of a new class of non-voting shares, namely Class C non-voting shares, approved the conversion of the Corporation's outstanding Class B non-voting shares into voting common shares and Class C non-voting shares on the basis of 0.5 of a voting common share and 0.5 of a Class C non-voting share for every one (1) Class B non-voting share and approved the cancellation of Yoho's then outstanding non-voting shares, all as set forth in Yoho's management proxy circular dated February 8, 2008. Voting common shareholders who also hold non-voting shares were not entitled to vote on the non-voting share conversion resolution.

As at March 11, 2008, there were 14,487,104 voting common shares and 3,742,550 Class B non-voting common shares issued and outstanding. Upon effecting the share conversion, Yoho will have 16,358,379 voting common shares and 1,871,275 Class C non-voting shares issued and outstanding. Subsequent to the conversion, management and directors will hold 21.3% of the issued and outstanding voting common shares and 38.8% of the issued and outstanding Class C non-voting shares.

Yoho has filed Articles of Amendment with the Alberta Corporate Registry and the conversion of the Class B non-voting shares into voting common shares and Class C non-voting shares will become effective upon Yoho filing all necessary documents with the TSX Venture Exchange ("TSXV").

Also at the shareholder meeting, John A. Brussa was appointed a director of Yoho, such that the Board of Directors is now comprised of Messrs. Terry Svarich, Gary Perron, Kevin Olson, Peter Kurceba, John Brussa, Bruce Allford and Brian McLachlan. Yoho has granted Mr. Brussa options to purchase 25,000 common shares at the exercise price of $2.91 per share, which options shall vest as to one-third each year for three years commencing one year from the date of grant.

Yoho Resources Inc. is a Calgary based junior oil and natural gas company with operations focusing in the northwest Peace River Arch of Alberta and northeast British Columbia. The voting common shares of Yoho are listed on the TSXV under the symbol "YO".

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The common shares of Yoho will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to a U.S. person, absent registration or applicable exemption therefrom.


Certain statements regarding Yoho Resources Inc. including management's assessments of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Yoho's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.

Such factors include, but are not limited to: the impact of general economic conditions in Canada and the United States; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; competition; the lack of availability of qualified personnel; fluctuations in commodity prices; the results of exploration and development drilling and related activities; imprecision in reserve estimates; the production and growth potential of Yoho's various assets; fluctuations in foreign exchange or interest rates; the ability to access sufficient capital from internal and external sources; and obtaining required approvals of regulatory authorities.

Accordingly, Yoho gives no assurance nor makes any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward looking statements. Yoho undertakes no obligation to publicly update or revise any forward-looking statements.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Yoho Resources Inc.
    Wendy S. Woolsey
    Vice President, Finance and CFO
    (403) 537-1771
    Email: www.yohoresources.ca