In light of the current state of the mineral exploration and mining sector, the management and Board of Directors of the Company believe that it should seek potential opportunities outside the resource sector. The Company is currently reviewing and evaluating a number of non-resource revenue generating opportunities, which could potentially bring near-term cash flow to the Company.
Any opportunity the Company may pursue outside of the resource sector would result in a change of business ("COB") under the TSX Venture Exchange ("TSX-V") policy and would be subject to a number of conditions which would include shareholder approval, securities exchange approval and potentially the completion of a concurrent financing. Depending on the transaction contemplated, the Company may look at listing on an alternate exchange such as the Canadian Securities Exchange ("CSE"), in order to complete a COB. As a result, the Company is seeking shareholder approval for a voluntary delisting from the TSX-V at a special meeting of shareholders of the Company ("Shareholders Meeting") to be held on October 20, 2015, at the Company's offices located at 141 Adelaide Street West, Suite 301, Toronto, Ontario, M5H 3L5. The voluntary delisting would give the Board of Directors the flexibility to temporarily delist from the TSX-V in order to complete a potential transaction or move to the CSE. Approval of the delisting at the meeting does not mean a delisting will take place but rather leaves the Board of Directors with the ability to do so for the ensuing year if deemed necessary. Additionally, the Company is also seeking approval for a resolution granting the Board of Directors authorization to change the Company's name if it is determined appropriate, as any COB would likely result in a rebranding of the Company.
The Company continues to evaluate opportunities and will provide a further update on its progress in the near term. Investors are cautioned that there is no guarantee that the Company will complete a potential transaction or if one is, that it will be able to receive the necessary approvals to close the transaction. Trading in the securities of the Company should be considered highly speculative.
The Board of Directors has also passed a resolution to cancel all 2,135,000 stock options currently outstanding.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Nunavut and Ontario. Canadian Orebodies trades on the TSXV under the symbol "CO". For more information please visit www.canadianorebodies.com.
TORONTO, September 28, 2015 -- Canadian Orebodies Inc. (TSXV:CO) (the "Company") wishes to provide an update on the activities of the Company.