VANCOUVER, British Columbia, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Pepcap Resources, Inc. (TSXV:WAV.H) (“Pepcap” or the “Company”) is pleased to announce that it will be holding its annual and special meeting of shareholders on November 29, 2019 (the “Meeting”). The record date for the Meeting will be October 25, 2019.
Along with the election of directors and appointment of auditor, Pepcap will also be seeking shareholder approval at the Meeting by way of a special resolution to approve the arm’s length sale by Asia Mining Management B.V. (“Asia Mining”), a 51% owned subsidiary of Pepcap, of all of the shares of PT Krida Darma Andika (“Andika”) held by Asia Mining for US$414,000 (please refer to the Company’s news release of September 13, 2018 for further details). Andika is a 99.6% owned subsidiary of Asia Mining that owns mining concessions in Sumatra, Indonesia, divided into two coal blocks, including three coal concessions that are located in the Napal Putih and Putri Hijau districts of North Bengkulu Regency of Bengkulu Province, Indonesia. To date, a total of US$331,000 of the purchase price has been received by way of deposits from the purchaser, which amount is being held pending receipt of shareholder and regulatory approval to the sale.
The Company has also filed all outstanding financial statements and MD&A, and has applied for a revocation of the cease trade orders issued by the British Columbia and Ontario Securities Commissions.
The Company is on the lookout for more investment opportunities that provide sustainability and expertise, as well as offer a route into new markets and industries.
On behalf of the Board of Directors:
Wee Gek Suan Margaret, Director
For further information:
Wee Gek Suan Margaret
Phone: 213 908-1418
margaret.wee@pepcapresources.ca
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