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Potash Ridge Corporation (TSX:PRK,OTCQX:POTRF) adopted an advance notice by-law, which requires advance notice to the Company in circumstances where director nominations are made by shareholders. Potash Ridge also released its third quarter financial results. Highlights include the Company closing the third quarter of 2013 with cash and cash equivalents of $10.5 million.
As quoted in the press release:
Q3-2013 Financial Results
- The Corporation reported a net loss for the third quarter of 2013 of $1.9 million ($0.02 per share) compared with a net loss of $1.4 million ($0.02 per share) for the third quarter of 2012.
- A total of $1.3 million was incurred on project activities during the third quarter compared with $2.8 million on project activities for the third quarter of 2012. Most of the spending during Q3-2013 related to the Prefeasibility Study, permitting activities and metallurgical test work. During Q3-2012 spending primarily related to the Phase 2 drilling program.
- The Corporation closed the third quarter of 2013 with cash and cash equivalents of $10.5 million and had accounts payable and accrued liabilities of $0.9 million.
Advance Notice By-Law
The board of directors of the Corporation has approved an amendment to the Corporation’s by- laws to add a provision that requires advance notice to the Corporation in circumstances where director nominations are made by shareholders of the Corporation, other than in connection with (i) the requisition of a shareholders’ meeting, or (ii) a shareholder proposal, in each case made pursuant to the Business Corporations Act (Ontario) (the “Advance Notice Provision”).
Click here to read the Potash Ridge Corporation (TSX:PRK,OTCQX:POTRF) press release
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