Abacus Announces Approval of Share Consolidation
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 26, 2017) - Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSX VENTURE:AME) is pleased to announce that at the Special General Meeting of the shareholders of the Company held on April 25, 2017, Abacus' shareholders approved the previously announced consolidation of the issued and outstanding common shares of the Company (the "Common Shares") on the basis of one (1) post-consolidation Common Share for every six (6) pre-consolidation Common Shares (the "Consolidation").
Subject to the approval of the TSX Venture Exchange ("TSXV"), the Common Shares will begin trading on the TSXV on a post-consolidated basis at market open on Monday, May 1, 2017, and the Company will continue to trade under the symbol "AME" on the TSXV. It is expected that the Consolidation will reduce the number of outstanding Common Shares from approximately 234,807,611 Common Shares to approximately 39,134,602 post-consolidation Common Shares on a non-diluted basis. No fractional Common Shares will be issued under the Consolidation. Any fractions of a Common Share resulting from the Consolidation will be dealt with in accordance with the Business Corporations Act (BC), as more particularly described in the Company's management information circular dated March 24, 2017.
No further action on the part of the shareholders will be required in order for the Board to implement the Consolidation. Letters of transmittal describing the process by which shareholders may obtain new certificates representing their consolidated Common Shares will be mailed shortly to registered shareholders. Common Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the consolidation ratio through each shareholder's brokerage account. Non-registered shareholders should consult their broker for further information.
Management believes the Consolidation is in the best interest of shareholders. It should increase the Company's flexibility and competitiveness in the market place and make the Company's securities more attractive to a wider audience of potential investors and other interested parties. Notwithstanding approval of the Consolidation by the shareholders, the Board, in its sole discretion, may revoke the resolution approving the Consolidation and abandon the Consolidation without further approval, action by, or prior notice to shareholders.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Michael McInnis, Chairman, President & CEO
Abacus is a mineral exploration and mine development company with a 20% interest in the Ajax Project located at the historic Ajax-Afton site southwest of Kamloops, B.C., and an option to acquire up to a 75% undivided interest in the Willow porphyry copper-gold property located in Nevada. The Ajax Project is a proposed copper-gold open-pit mine currently undergoing a provincial and federal environmental assessment process. Through KGHM Ajax Mining Inc., a joint venture company between Abacus (20%) and KGHM Polska Miedz S.A. (KGHM) (80%), the Ajax Mine is being funded in large part by KGHM and operated by its wholly-owned subsidiary, KGHM International Ltd. For the latest reports and information on Abacus' projects, please refer to the Company's website at www.amemining.com.
This release includes certain statements that are deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.
Forward-looking information in this news release includes, but is not limited to, statements with respect to: the Company's beliefs and expectations related to the results of the Consolidation; the timing for implementation of the Consolidation; and the economic effect of the Consolidation. Factors that could cause the actual results to differ materially from those in forward-looking statements include changes to commodity prices, mine and metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither 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 release.
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