NELSON, BC, Aug. 25 /CNW/ - Oromonte Resources Inc. ("Oromonte" or the
"Company") (ORR:TSX-V; OF6:FRA) announces that it has implemented its
previously approved share consolidation on a three for one basis (the
"Consolidation") and a name change to "Georox Resources Inc." (the "Name
Change"). The share consolidation and name change were approved at the
Company's Annual and Special Meeting of Shareholders held on June 30, 2008
with 86.9% of the votes cast in favour of the Consolidation and Name Change.
Effective at the market opening August 26, 2008, the Company's common
shares and common-share purchase warrants currently listed on the TSX Venture
Exchange under the symbols ORR and ORR.WT respectively, will commence trading
under the new name Georox Resources Inc. under the new symbols GXR and GXR.WT
respectively, and on a post-Consolidation basis.
Prior to the Consolidation, the Company had issued capital of 30,703,553
common shares and 30,703,553 common shares on a fully diluted basis. As a
result of the Consolidation, the Company has approximately 10,234,518 common
shares outstanding and approximately 10,234,518 common shares on a fully
diluted basis. Outstanding common share purchase warrants and stock options
have been adjusted to reflect the Consolidation and notice of the
Consolidation and the adjustments will be provided to holders of common share
purchase warrants on August 26, 2008.
The Board of Directors believes that the anticipated higher share price
resulting from the Consolidation will assist in generating investor interest.
There can be no assurance that any increase in the market price per common
share will result from the Consolidation and there is no assurance that a
higher share price will generate increased investor interest.
Letters of transmittal will be mailed to registered holders of common
shares on August 26 2008, requesting them to forward the certificates
representing their common shares of Oromonte Resources Inc. to CIBC Mellon
Trust Company in exchange for certificates representing the number of common
shares of Georox Resources Inc. to which they are entitled.
About Georox Resources Inc. (formerly Oromonte Resources Inc.)
Georox Resources Inc. is a mineral exploration company engaged in the
acquisition, development and exploration of mining properties. The Company has
acquired mining concessions consisting of four consolidated properties in
Ecuador, namely: Chimbuza Property, Marissa Property, Pangui Property, and
Virgen del Cisne Property. The related projects are in early stage
development. The Company has also begun acquiring mining property interests
outside Ecuador. On August 26, 2008, the Company will begin trading its common
shares and warrants on the TSX Venture Exchange under the symbol GXR and
GXR.WT respectively and its common shares on the Frankfurt Stock Exchange
under the symbol OF6.
For further information you can visit the Company's website at:
www.georoxresources.com or at its former address:
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority
has approved nor disapproved the information contained herein. The News
Release includes certain "forward looking statements". All statements other
than statements of historical fact, included in this release, including,
without limitation, statements regarding potential mineralization and
reserves, exploration results, and future plans and objectives of the Company,
are forward looking statements that involve risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from the Company's expectations are exploration risks detailed from
time to time in the filings made by the Company with securities regulations.
For further information:
For further information: Bruce Cottingham, CEO, Georox Resources Inc.,
Suite 206, 507 Baker Street, Nelson, British Columbia, Canada, V1L 4J2, Tel:
(250) 352-9923, Fax: (250) 352-9926