Toronto Stock Exchange Delisting Effective November 20, 2013
Share Consolidation Effective December 6, 2013
Continuance to Cayman Islands Expected to Occur in December 2013
TORONTO, Dec. 6, 2013 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company"), a junior gold mining company operating
in Zimbabwe, announced additional corporate actions that it is taking
to implement, on a sequential basis, a 1-for-100,000 consolidation of
its common shares (with a fractional share cash-out on the basis of
C$0.13 per pre-consolidation common share) (the "Share Consolidation")
and a continuance from Canada to the jurisdiction of the Cayman Islands
(the "Continuance"). As previously announced, these corporate actions
were approved by the shareholders of the Company at a Special Meeting
of Shareholders held on November 19, 2013.
Also as previously announced, the Company's common shares were delisted
from the Toronto Stock Exchange effective on the close of trading on
Wednesday, November 20, 2013.
The Company's Share Consolidation has been implemented by filing
articles of amendment to the Company's articles of incorporation
effective on December 6, 2013. As a result, shareholders will shortly
be receiving new post-consolidation common shares in the
Canadian-domiciled New Dawn legal entity, if applicable, and the
fractional share cash-out payment. As the new common shares to be
issued to shareholders under the Share Consolidation will not have
either a CUSIP number or an ISIN number, such common shares will only
be issued in physical form.
Following the Share Consolidation, the Company intends to take immediate
steps to terminate its reporting obligations to Canadian securities
Following the implementation of the Share Consolidation, the Company
expects to implement the Continuance, which is expected to occur during
December 2013. Upon the effectiveness of the Continuance, shareholders
will be entitled to exchange their post-consolidation common shares of
the Canadian-domiciled New Dawn legal entity for newly issued ordinary
shares of the Cayman Islands New Dawn legal entity on a one-for-one
The Company will continue to advise shareholders as appropriate.
Additional information on New Dawn and the matters discussed herein can
be obtained on the Company's web-site at www.newdawnmining.com or in the Company's filings on SEDAR at www.sedar.com.
Special Note Regarding Forward-Looking Statements: Certain statements
included or incorporated by reference in this news release, including
information as to the future financial or operating performance of the
Company, its subsidiaries and its projects, constitute forward-looking
statements. The words "believe," "expect," "anticipate,"
"contemplate," "target," "plan," "intends," "continue," "budget,"
"estimate," "may," "schedule" and similar expressions identify
forward-looking statements. Forward-looking statements include, among
other things, statements regarding targets, estimates and assumptions
in respect of gold production and prices, operating costs, results and
capital expenditures, mineral reserves and mineral resources and
anticipated grades and recovery rates. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by the Company, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors could cause the Company's
actual results to differ materially from those expressed or implied in
any forward-looking statements made by, or on behalf of, the
Company. Such factors include, among others, risks relating to reserve
and resource estimates, gold prices, exploration, development and
operating risks, political and foreign risk, uninsurable risks,
competition, limited mining operations, production risks, environmental
regulation and liability, government regulation, currency fluctuations,
recent losses and write-downs and dependence on key employees. See
"Risk Factors" in the Company's Management's Discussion and Analysis -
2012. Due to risks and uncertainties, including the risks and
uncertainties identified above, actual events may differ materially
from current expectations. Investors are cautioned that forward-looking
statements are not guarantees of future performance and, accordingly,
investors are cautioned not to put undue reliance on forward-looking
statements due to the inherent uncertainty therein. Forward-looking
statements are made as of the date of this press release and the
Company disclaims any intent or obligation to update publicly such
forward-looking statements, whether as a result of new information,
future events or results or otherwise.
SOURCE: New Dawn Mining Corp.
For further information:
New Dawn investor relations can be contacted as follows:
Telephone: +1 416.585.7890 x 230