Portage Resources Inc. Announces Corporate Update on Previously Announced Forward Split, Financing, Potential Acquisitions and More
LIMA, Peru, Nov. 8, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (POTG-OTCQB) has announced a corporate update on the previously announced forward split, financing and property updates.
On July 27, 2011, the Board of Directors unanimously approved a dividend whereby the shareholders of Portage Resources Inc. (the "Company") would receive a dividend payable as a ten for one (10:1) forward split of the issued and outstanding shares of the common stock of the Company pursuant to Section 78.215 of the Nevada Revised Statutes. Pursuant to NRS78.215 and consistent with the Company's Articles of Incorporation there was no shareholder approval required for this action.
The effective date and the payment date was subject to FINRA approval. The Company has not yet received FINRA approval and on October 31, 2011, the Board of Directors unanimously approved the revocation of the dividend. Therefore the dividend as announced on July 27, 2011 has been cancelled and will not proceed.
For further information please use the following link for the 8K filing dated November 7, 2011. http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8226352
The other recent events are as follows:
- Wuakakuy Properties have entered into a new phase plan as announced on October 7, 2011. To further update, the local community has given Portage their blessing. All paperwork is to be registered and filed in a short period of time, thus allowing the announced next phase plan to commence in the near future.
- A three million dollar line of credit was established and announced on October 5, 2011 thus giving Portage the necessary cash flow to begin the next chapter of responsible growth.
- The company has added Steven L Park, M.Sc., CPG to the team of experts as announced on September 29, 2011.
- Portage has acquired the potential multi-billion dollar Rocas #1 and Rocas #2 projects as announced on September 26 and September 30, 2011.
- Portage still plans to acquire the San Martin concession but due to an unexpected illness by the other party the transaction has not been completed to date. We are glad to report the other party is now in good health and is looking forward to completing this transaction in the near future.
Portage Resources Inc. President and CEO added, "I thank all of you for your patience as there has been so much happening with Portage. Many people have inquired about the stock split and other events, I believe this update answers these inquiries. We become stronger each day as we move forward with our plan of responsible growth."
About Portage Resources Inc.
Portage Resources Inc. is focused on the exploration and production of precious and base metals in Peru. Portage Resources Inc. plans to recognize, and acquire near-term production mining properties, the Portage Resources Inc. seasoned and experienced Peruvian management team will research, review and prove any reserves for the purpose of production.
Symbol: OTCQB - POTG www.portageresourcesinc.com
FORWARD-LOOKING STATEMENTS: "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements relating to the company's business activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations about the Company's business. Words such as expects, anticipates, intends, plans, believes, estimates and similar words and expressions are intended to identify such forward-looking statements. These statements involve risks that are difficult to evaluate. Actual results can vary from descriptions herein due to many factors including changes in metal prices and business conditions; changes in laws and regulations; problems encountered in exploration and obtaining permits; changes in the competitive environment; technological advances; shortages of skilled workers, drill rigs and equipment; the need for additional capital and other risks listed in the Company's Securities and Exchange Commission filings under "risk factors" and elsewhere. Forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update forward-looking statements.
Contact: Financial Insights
Toll Free: 1-888-824-6757
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