PEARL Announces Change Of Business And Closing Of Financing.TORONTO -- Patent Enforcement and Royalties Ltd. ("PEARL" or the "Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:PAL) is pleased to announce that at its Annual General and Special Meeting of Shareholders held on April 14, 2005, the shareholders of the Company unanimously approved the Change of Business of the Company to that of a resource issuer. In addition, shareholders unanimously approved the change of name of the Company to Blue Pearl Mining Ltd., the appointment of Wasserman Ramsay Chartered Accountants char·tered accountant n. Chiefly British Abbr. CA A member of one of the institutes of accountants granted a royal charter. as the auditors of the Company and the amendments to and ratification of the Company's stock option plan. The following persons were elected directors of the Company: Ian J. McDonald, Kerry J. Knoll, Jim Ashcroft, John Ashcroft, John, 1942–, American political figure, b. Chicago, grad. Yale Univ. (B.A., 1964), Univ. of Chicago School of Law (J.D., 1967). A conservative Republican, Ashcroft was Missouri state auditor (1975–76) and attorney general (1976–85) before Kalmet and John Cocomile. The Company is also pleased to announce that all Escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. Conditions, including the conditional approval of the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. ("TSXV") to the Change of Business, (see February 23, 2005 Press Release) have been satisfied and the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of C$10,250,064.95 from the sale of 13,833,667 Non-Flow-Through Purchase Receipts and 3,076,715 Flow-Through Purchase Receipts announced on March 23, 2005 have been released from escrow. The Company will now complete the acquisition of the Davidson Property, formerly known as the Yorke-Hardy Property (see press releases of November 22, 2004, January 18, 2005 and January 20, 2005), the closing of which is scheduled to take place on Tuesday, April 19, 2005, and satisfy the final conditions of TSXV. Shares outstanding: 23,259,000 The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Patent Enforcement and Royalties Ltd. (TSX VENTURE:PAL) |
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