Pershimco Announces a Settlement With Respect to the Statements of Offence Issued by the AMF in 2012

Pershimco Announces a Settlement With Respect to the Statements of Offence Issued by the AMF in 2012
  
 

ROUYN-NORANDA, QUEBEC--(Marketwired - Feb 10, 2014) - Pershimco Resources Inc. (the "Company" or "Pershimco") (TSX-VENTURE:PRO)(FRANKFURT:BIZ) wishes to inform its shareholders that after having vigorously contested the 41 statements of offense issued against the Company and its Chairman, the Autorité des marchés financiers (the « AMF ») has accepted a conditional stay of proceedings against Mr. Roger Bureau for 95% of the statements of offense issued against him and 66.6% of those issued against the Company.

The global and definitive settlement relating to events which occurred over 7 years ago in December 2006, can be summarized as follows : (i) Mr. Roger Bureau accepts to plead guilty to an amended statement of offense stating he assisted the Company in concluding various private placements without a prospectus in December 2006, the payable fine for this statement of offense being set at $30,000; and (ii) Pershimco accepts to plead guilty to seven specific statements of offense of individual private placements concluded in December 2006, with a fine of $7,500 each, in addition to fees of $2,500, for a total of $55,000.

The Company and Mr. Bureau have accepted to settle the file with its shareholders' best interests in mind. Initial fines amounting to $512,500 have been reduced to $85,000.

Since the issuance of the AMF's allegations, Pershimco has changed its governance practices in order to avoid future observations by the AMF. It is to be noted that Pershimco has been ranked 30th amongst over 1,290 listed junior resource companies on the TSX Venture Exchange by the firm PricewaterhouseCoopers LLP and has concluded private placements for over 65 million dollars since 2007.

About Pershimco Resources Inc.

Pershimco Resources Inc. is a mineral exploration and development company listed on the TSX Venture Exchange and the Frankfurt Exchange with a near-production oxide gold project in Panama. The Cerro Quema project is composed of multiple gold oxide deposits within a 15,000 ha extraction permitted concessions package. The Company is also exploring, within the same concessions, the potential of a Copper-Gold porphyry at depth. The Company is led by a skilled management team with extensive experience in the mining sector, as well as a proven track record of building successful operating mining facilities in the Americas. With strong support from its shareholders, the Pershimco team is positioned for success.

The Company's documents are available on www.sedar.com.

Please visit the Company's website at www.pershimco.ca.

Neither the 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 news release. Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statement.

Alain Bureau, P. Eng.President and Chief Executive Officer+1 (819) [e-mail] ChowInvestor Relations+1 (416) [e-mail]