BURLINGTON, ON, Sept. 29, 2011 /CNW/ - Silver Shield Resources
(SSR-TSXV) is pleased to announce the results of its 2011 AGM held at
its corporate headquarters in Burlington, Ontario. In addition to the
confirmation of N. R . McLeod of North Bay, Ontario to continue as the
company auditor, the new slate of directors and approval for shares for
debt were on the agenda.
Adding to returning "founders" - directors Tim D. Towers (President and
CEO), Stephen Mlot (VP Engineering) and Raymond Lashbrook (VP
Exploration) the board has been strengthened by the addition of Gregory
Boone a noted business executive in the GTA and Venture Capitalist
Brent Purin of New York USA . The new board additions gives the company
a greater business scope and enhanced presence in the US to aid in
additional financings and market awareness for the company moving
Shareholders, realizing the strength of Silver Shield's corporate plan
of developing and acquiring properties in these difficult times,
readily approved the proposal of offering shares for debt in the amount
of 6,746,695 common shares @ $0.10 to extinguish $ 674,693.54 of debt.
The shares for debt will be with debtor and TSX-V approval which will
be pursued in the next short term as neither has been acquired at this
Tim D. Towers commented "We are again thankful for this vote of
confidence by our shareholders. It has been a difficult struggle and
with markets in somewhat of a turmoil we are buoyed by the fact that we
have, among our properties, two former producers in the Welsh Mine and
La Cumbre Mine. The recent excellent news from both properties and our
continuing successful efforts to bring both along the development trail
sets SSR apart from many small companies. With the shares for debt
approved, and hopefully completed in the next short while ,the balance
sheet will be strengthened allowing us to move forward more easily.
The fact that the shares for debt is expected to be completed at a
market price more than twice our share price underlies my belief in the
severe undervaluation of Silver Shield in the market."
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
SOURCE Silver Shield Resources Corp.
For further information:
Contact: Tim Towers, CEO (289)-337-6162
Donald Shaxon Corporate Development (289) 838-5936