Delrand Resources’ shareholders approve change of business and private placement, appoint directors

At its annual and special meeting of shareholders, Delrand Resources Limited announced that its shareholders have approved the previously announced change of business transaction and simultaneous private placement.

Previously reported in September, Delrand entered into a share exchange agreement to acquire VoiceTrust Holding for CDN$27 million to be paid by the issuance of more than 36 million common shares in the capital of Delrand and would complete a private placement to raise minimum net proceeds of $15 million for the business.

Delrand proposes to complete a private placement by issuing 22,660,000 common shares, following its conditional approval by the Toronto Stock Exchange.

The net proceeds of the private placement are intended to be used to fund VoiceTrust operations following the closing.

At the meeting, shareholders also approved Delrand’s vote to change its name to “VoiceTrust Biometrics Inc.”, or any other name that may be approved by Delrand’s board of directors and regulatory authorities.

Delrand shareholders also authorized Delrand to dispose its wholly-owned subsidiary, Delrand Resources Congo SPRL, to an arm’s length purchaser.

The shareholders also authorized the decision to reduce Delrand’s stated capital for the common shares by CDN $123,542,174, as well as issue up to 3.4 million in stock options to Delrand’s new CEO, CFO and COO.

Delrand also announced that it has appointed Alan Brousseau, Bernard Crotty, Ronald Meersschaert, Renier Lemmens, Arnold T. Kondrat and Maurice J. Colson to its board of directors.

Additionally, Delrand has appointed Alan Brousseau as CEO, Edward F. Escubedo as COO and Craig Loverock as CFO, while Geoffrey G. Farr will continue his role as corporate secretary.

Article Topics

biometrics  |  stocks  |  VoiceTrust