TORONTO, Jan. 17, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) is pleased to announce that it is proceeding with its proposed consolidation (the "Share Consolidation") of its share capital on the basis of four (4) existing common shares for one (1) new common share. The Share Consolidation was previously approved by shareholders at a meeting held on May 8, 2017 and has been conditionally approved by the Toronto Stock Exchange (the "TSX").
Currently, a total of 423,430,258 common shares in the capital of the Company are issued and outstanding. Accordingly, once put into effect on the basis of four (4) existing common shares for one (1) new common share, a total of approximately 105,857,564 common shares in the capital of the Company would be issued and outstanding, assuming no other change in the issued capital. The Share Consolidation is anticipated to become effective on or about January 18, 2018.
The Company's common shares are expected to begin trading on the Toronto Stock Exchange (the "TSX") on a consolidated basis under the same trading symbol ANX on or about January 22, 2018. The new CUSIP and ISIN numbers for the consolidated shares are 03240P207 and CA03240P2070, respectively. Shareholders who hold their shares through a securities broker or dealer, bank or trust company, will not be required to take any action with respect to the share consolidation. Letters of transmittal will be mailed to the registered holders of the Company's common shares, requesting that they forward their pre-consolidation share certificates to the Company's transfer agent, TSX Trust Company, for exchange for new share certificates representing their common shares on a post-consolidation basis. No fractional shares will be issued in connection with the Share Consolidation.
The Share Consolidation will also affect the Company's granted stock options and issued warrants at the effective date. At the time of the Share Consolidation, the number, exchange basis or exercise price of all stock options and warrants will be adjusted, as applicable, to reflect the four-for-one Share Consolidation. The actual adjustment will be made by the Company in consultation with its advisors.
Please refer to the management information circular of the Company dated April 3, 2017 for additional details on the Share Consolidation. The circular is available on the Company's profile on SEDAR at www.sedar.com.
Anaconda Mining is a TSX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia. The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Pine Cove open pit mine, the fully-permitted Pine Cove Mill and tailings facility, the Stog'er Tight and Argyle deposits, and approximately 5,800 hectares of prospective gold-bearing property. In addition, Anaconda is developing the Goldboro Project in Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing infrastructure at the Company's Point Rousse Project.
The Company also has a pipeline of organic growth opportunities, including the Viking and Great Northern Projects on the Northern Peninsula and the Tilt Cove Property on the Baie Verte Peninsula.
This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, statements regarding targets, estimates and/or assumptions in respect of future production, mine development costs, unit costs, capital costs, timing of commencement of operations and future economic, market and other conditions, and is based on current expectations that involve several business risks and uncertainties. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the year ended May 31, 2017, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.
For further information: Anaconda Mining Inc., Dustin Angelo, President and CEO, (647) 260-1248, [email protected], www.AnacondaMining.com; Anaconda Mining Inc., Lynn Hammond, VP Public Relations, (709) 330-1260, [email protected]; Reseau ProMarket Inc., Dany Cenac Robert, Investor Relations, (514) 722-2276 x456, [email protected]