TORONTO, March 9 /CNW/ - Armistice Resources Corp. (TSX: AZ) announced that on March 5, 2010 pursuant to the terms of the warrant certificates issued as part of the 6,237,335 unit private placement offering that closed on February 26, 2009, the company has elected to exercise its Acceleration Right to reduce the period within which the warrants may be exercised.
The Acceleration Right was triggered as Armistice's common shares traded with a closing price on the Toronto Stock Exchange (TSX) of greater than C$0.35 per common share for the 30 consecutive trading days during the period commencing January 15, 2010 and ending March 3, 2010. At the close of business on March 4, 2010, the common shares traded with a closing price on the TSX of C$0.36.
Warrantholders will be entitled to exercise the warrants for a period of 30 days commencing March 6, 2010 and ending April 5, 2010. All warrants not exercised on or before 5 p.m. on April 5, 2010 will expire. Armistice has requested that warrantholders wishing to exercise some or all of their warrants deliver written notice to Armistice at 66 Wellington Street West, Suite 3600, Toronto, Ontario, Canada M5K 1N6 on or before 5 p.m. on April 5, 2010.
About Armistice Resources Corp.
Armistice Resources, a Canadian-based exploration and development company, is moving toward beginning gold production at its McGarry mine in the Kirkland Lake area of Northeastern Ontario. The McGarry mine is located in Virginiatown on the prolific Larder Lake-Cadillac Break that extends 200 km east-west straddling the Ontario and Quebec border and that has produced 95 million ounces of gold. The McGarry mine is adjacent to the Kerr-Addison gold mine that has produced more than 11 million ounces of gold. The McGarry mine consists of 33 contiguous patented mining claims, including three licenses of occupation, totalling 484 hectares. The McGarry mine is fully permitted and all equipment and systems at the site have been brought up to standards, including its installed mining plant. Armistice Resources intends to commence gold production at the McGarry mine within about the next year, subject to obtaining the necessary additional capital required to finance the mine's operations. Armistice Resources is listed on the Toronto Stock Exchange (Symbol: AZ) and currently has approximately 76,913,852 million common shares issued and outstanding. To find out more about Armistice Resources, please visit the company's website at www.armistice.ca.
This news release may contain forward-looking statements, including current expectations on the timing of the commencement of production and the completion of the required financing. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which a pre-feasibility study gives sufficient grounds for classifying the indicated mineral resources as probable reserves; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Armistice Resources' business are more fully discussed in the company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these. Armistice Resources assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements.
SOURCE Kerr Mines Inc.
For further information: For further information: Investor and Media Relations: Richard W. Wertheim, Wertheim + Company Inc., Email: email@example.com, (416) 594-1600 ext. 223, (416) 518-8479 (cell)