VANCOUVER, BRITISH COLUMBIA and LIMA, PERU--(Marketwired - Sept. 24, 2013) - Rio Cristal Resources Corporation (TSX VENTURE:RCZ)(RCZ.V) ("Rio Cristal" or the "Company") today provided an update on the Company's activities and announced the voting results of its annual general meeting of shareholders held on September 18, 2013 (the "AGM").
Tom Findley, the Company's President and CEO, said, "As reported on May 17, 2013, the Company terminated its option to acquire the Bongará zinc concessions in northern Peru because it was unable to obtain financing to make concession fee payments and continue an active exploration program. Rio Cristal was also unable to come to a joint venture agreement with a larger company."
"During the past 15 months, financing for Rio Cristal has come from unsecured director loans totaling over $300,000. During this period, management compensation has been deferred and will continue to be deferred until the financial stability of the Company improves."
"The Company continues to review opportunities for investments in South American projects which may require additional financing or the issuance of shares. The Company is also considering strategies which could potentially include a reverse takeover type transaction to provide shareholders with fresh project exposure. The Company plans to maintain its listing on each of the TSX Venture Exchange and the Bolsa de Valores de Lima (Lima Stock Exchange)."
"Following shareholder approval at our 2012 annual general meeting, and as previously announced on July 29, 2013, the Company completed a 10 to 1 share consolidation which reduced the number of shares outstanding from approximately 172.3 million to 17.3 million effective July 31, 2013. We believe that the consolidation will make it easier for Rio Cristal to seek alternatives for moving the Company forward."
At the AGM, all six (6) individuals (Erik Bethel, Miguel Cardozo, Thomas Findley, Hans A. Flury, Andre Gauthier, and Tony Hines) nominated by the Company for the board of directors were elected. Shareholders also voted in favour of the re-appointment of Davidson & Company LLP, Chartered Accountants as the auditors of the Company to hold office for the ensuing year at a remuneration to be fixed by the directors. The Company also announced that motions regarding the ratification and approval of the Company's Stock Option Plan and setting the number of directors were not approved by shareholders at the AGM.
Thomas Findley said, "two of our founding directors, Chairman Charles (Chuck) Preble and Andy Swarthout, did not stand for re-election at the AGM but both have agreed to continue as advisors to the Board. Steve Krause, a founder and chief financial officer, and Erik Bethel, a director, also resigned following the AGM. I would like to thank the four of them personally for their hard work and dedication to Rio Cristal."
About Rio Cristal Resources Corporation
Rio Cristal Resources Corporation is a Canadian company focused on exploration projects in Peru. The Company's shares are listed on the TSX Venture Exchange and the Bolsa de Valores de Lima (Lima Stock Exchange) under the symbol RCZ.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. All statements other than statements of historical fact included in this release, including, without limitation, future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future results, events and objectives could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Rio Cristal's plans or expectations include market prices, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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 this release.
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