Louis A. Lepry, Jr. appointed as President and CEO
VANCOUVER, June 24 /CNW/ - Further to the news release dated June 17, 2010, Platoro West Holdings Ltd. (the "Company") announces that the Company received CNSX acceptance and will proceed with the following: the consolidation of all of its issued and outstanding shares on the basis of 12 "old" common shares for one "new" common share (the "Consolidation"); and the name change from "Platoro West Holdings Inc." to "Silver Predator Corp." in conjunction with the Consolidation. The Company is also pleased to announce the appointment of Mr. Louis A. Lepry, Jr., CPG as President and Chief Executive Officer of Silver Predator Corp.
The record date for the Consolidation will be after the close of trading on Monday, June 28, 2010. Fractional shares remaining after giving effect to the Consolidation will be cancelled, such that shareholdings of each shareholder will be rounded down to the nearest whole number of post-consolidation common shares.
Trading on a post-consolidated basis under the new name "Silver Predator Corp." will commence on the CNSX at the opening of trading on Thursday, June 24, 2010. The CUSIP number for the Company's post-consolidation common shares will be 82808Q104 and the trading symbol will be "SPD".
At the special meeting of the shareholders of the Company held on April 29, 2010, the shareholders passed a special resolution to amend the articles of the Company so that the directors may by resolution authorize the consolidation of all or any of its unissued, or fully paid, shares of the Company. The Company is proceeding with the Consolidation and the name change in anticipation of the proposed transaction involving the Company, Golden Predator Corp., Strategic Metals Ltd. and Rockhaven Resources Ltd., whereby Golden Predator Corp., Strategic Metals Ltd. and Rockhaven Resources Ltd. propose to transfer certain silver assets to the Company (the "Proposed Transaction"). Details of the Consolidation and the Proposed Transaction may be found in the Company's Management Information Circular dated March 22, 2010, which has been filed on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and is available for viewing under the Company's name at www.sedar.com.
The Company's appointment of Mr. Louis A. Lepry, Jr., CPG as President and CEO of the Company will become effective June 28, 2010. Mr. Lepry is a geologist with over 30 years experience in the international mineral exploration and development business. From 2002 to 2009, Mr. Lepry was with Newcrest Resources, the Americas subsidiary of Newcrest Mining Ltd.; from 1995 to 2000, he was the President of Metallica Resources Inc.. Prior to this he was Vice President, Corporate Development for Crown Resources Corp. (1990-1995) Mr. Lepry holds a MSc degree in Economic Geology from the University of Arizona, a BSc degree in Engineering Geology from Fort Lewis College in Colorado, and is a member of the American Institute of Professional Geologists. Mr. Lepry is also on the advisory board of Golden Predator Corp. Edward L. Devenyns has resigned as the President of the Company, but remains as a director of the Company.
The CNSX has in no way passed on the merits of this proposed transaction and has neither approved nor disapproved the contents of this press release.
There can be no assurance that the Proposed Transaction will be completed as proposed, or on a specific date, or at all. There can be no assurances that the market price of the common shares of the Company will increase as a result of the Proposed Transaction. The marketability and trading liquidity of the common shares of the Company may not improve as a result of the Proposed Transaction.
This news release contains certain forward-looking information and statements with the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "confident", "might", "proposed" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the Proposed Transaction.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements. These include, but are not limited to, risks associated with fluctuations in the market price of the Company's common shares, commodity price and exchange rate fluctuations and uncertainties and risks relating to the outcome of the Proposed Transaction on the market price, marketability and liquidity of the Company's common shares. The forgoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to update publicly or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE PLATORO WEST HOLDINGS INC.
For further information: For further information: Louis A. Lepry, Jr., President and Chief Executive Officer, (604) 648-4653