Apogee Silver Ltd. announces a proposed consolidation of its common shares as approved by shareholders at its annual and special meeting held June 17, 2014 (the “Meeting”). At the Meeting shareholders approved a special resolution to amend the articles of incorporation of the Company to consolidate its issued and outstanding common shares (the “Common Shares”) on the basis of one (1) post-consolidated Common Share for up to a maximum of one hundred (100) pre-consolidated Common Shares, at the discretion of the Board for a period of one year following the Meeting. Upon review and approval of the Board of Directors, the Company proposes that it consolidates its Common Shares such that one (1) new post-consolidated Common Share would be issued for every sixty-five (65) Common Shares outstanding on the effective date of the consolidation, or such lower number as may be required to obtain approval of the TSX Venture Exchange.
Apogee currently has 450,816,059 Common Shares outstanding. Following the completion of the share consolidation on a sixty-five to one basis, Apogee would have approximately 6,935,631 Common Shares issued and outstanding. The change in the number of issued and outstanding common shares that would result from the share consolidation would not materially affect any shareholder’s percentage ownership in Apogee, although such ownership would be represented by a smaller number of common shares.
The proposed share consolidation is subject to the approvalof the TSX Venture Exchange.
About Apogee Silver Ltd.
Apogee Silver Ltd. is a mineral exploration and development stage company listed on the TSX Venture Exchange under the symbol APE. Apogee targets advanced, high grade silver-zinc-lead projects in South America. Currently its projects are located in the historic silver producing regions of northern Chile.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Statements containing forward-looking information express, as at the date of this news release, the Transaction, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and the Company does not intend, and does not assume any obligation to, update such statements containing the forward-looking information. Such forward-looking statements and information include, but are not limited to statements as to: anticipated timing with respect to the implementation of the share consolidation, the effects of the share consolidation, the accuracy of estimated mineral reserves and resources, anticipated results of future exploration, and forecast future metal prices, and expectations that environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues will not materially affect estimates of mineral reserves. These statements reflect the company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.
These statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.
Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained in this news release and the company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: statements with respect to the proposed share consolidation, risks related to the technological and operational nature of the company’s business; changes in national and local government, legislation, taxation, controls or regulations and political or economic developments in Canada and Chile, or other countries where the Company may carry on business in the future; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits and the presence of laws and regulations that may impose restrictions on mining; diminishing quantities or grades of mineral reserves as properties are mined; global financial conditions; business opportunities that may be presented to, or pursued by, the Company; the Company’s ability to complete and successfully integrate acquisitions and to mitigate other business combination risks; challenges to, or difficulty in maintaining, the Company’s title to properties and continued ownership thereof; the actual results of current exploration activities, conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors; increased competition in the mining industry for properties, equipment, qualified personnel, and their costs. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
Apogee Silver Ltd.
Interim Chief Executive Officer
+1 (416) 861-2269