VANCOUVER, June 17 /CNW/ - Platoro West Holdings Ltd. (the "Company") announces that the Company proposes to consolidate all of its issued and outstanding shares on a 12 to 1 basis (the "Consolidation") as disclosed 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. 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.
If the Consolidation is approved by the Canadian National Stock Exchange ("CNSX") and is subsequently implemented, the number of issued and outstanding common shares of the Company will be reduced from 50,486,997 common shares to approximately 4,207,250 common shares. 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.
In conjunction with the Consolidation, the Company proposes to change its name from "Platoro West Holdings Inc." to "Silver Predator Corp." and has reserved the new trading symbol "SPD" for trading on the Canadian National Stock Exchange.
The Consolidation remains subject to approval by the CNSX.
Completion of the proposed Consolidation is subject to a number of conditions, including but not limited to, the Canadian National Stock Exchange acceptance. There can be no assurance that the Consolidation will be completed as proposed, or on a specific date, or at all. There can be no assurances that the market price of the post-Consolidated common shares of the Company will increase as a result of the proposed Consolidation. The marketability and trading liquidity of the post-Consolidated common shares of the Company may not improve as a result of the Consolidation.
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 completion of the Consolidation, including the Company's ability to obtain necessary approvals from the Canadian National Stock Exchange.
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 Consolidation 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 updated 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: Edward L. Devenyns, President, (775) 849-0723