/NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES/
TORONTO, July 29 /CNW/ - CITADEL GOLD MINES INC. (CGM.H: NEX Exchange).
Citadel Gold Mines Inc. (the "Company") announces that, subject to NEX
Exchange approval, it intends to redeem all of its outstanding First Preferred
Shares, Series II on July 31, 2008 (the "Redemption"), which shares are
indirectly owned by Dr. Bernard C. Sherman, a principal shareholder and
related party to the Company.
The aggregate redemption purchase price of $241,734 to be paid to Dr.
Sherman will be funded by the issuance of 2,544,568 common shares of the
Following completion of the Redemption, Dr. Sherman will control,
directly and indirectly, approximately 59.5% of the Company.
The terms of the Redemption were negotiated between the Company and Dr.
Sherman and were approved by the board of directors, who determined that the
timing and terms of the Redemption are in the interest of the Company and
reasonable in the circumstances.
The NEX Exchange has neither approved nor disapproved of the information
contained herein. The statements used in this press release may contain
forward-looking statements that may involve a number of risks and
uncertainties. These statements reflect management's current expectations
regarding future events and speak only as of the date of this press release.
Although the Company believes that its expectations reflected in these
forward-looking statements are reasonable, such statements involve risks and
uncertainties and no assurance can be given that actual events or results will
be consistent with these forward-looking statements. Except as required by
law, the Company does not undertake, and specifically disclaims, any
obligation to update or revise any forward-looking information, whether as a
result of new information, future developments or otherwise. Readers are
therefore cautioned not to place undue reliance on any forward-looking
For further information:
For further information: John Sadowski, President, Citadel Gold Mines
Inc., Telephone: (416) 675-8379