Sunset Cove Mining Announces Share Consolidation
Toronto, Ontario--(Newsfile Corp. - August 29, 2014) - Sunset Cove Mining (TSXV: SSM) (BVL:SSM) ("Sunset" or the "Company") announces that it will be implementing a ten (10) for one (1) consolidation (the "Consolidation") of the Company's common shares ("Common Shares"). The shareholders voted in favour of the Consolidation at the Company's annual general meeting of shareholders held on June 12th, 2014. The TSX Venture Exchange has approved the Consolidation.
The Company will give effect to the Consolidation on Tuesday September 2nd, 2014. The Company's post-Consolidation Common Shares will be posted for trading on the TSX Venture Exchange at the opening of trading on Tuesday September 2nd, 2014, under the current symbol "SSM" but with the new CUSIP number 86770329 and ISIN number CA8677032093.
The 104,399,613 Common Shares issued and outstanding prior to the Consolidation will be consolidated to approximately 10,439,961 Common Shares. Sunset will not issue any fractional Common Shares as a result of the Consolidation. Instead, the number of post-Consolidation Common Shares issued to such shareholder shall be rounded up to the next greater whole number if the fractional entitlement is equal to or greater than 0.5 and shall be rounded down to the next lesser whole number if the fractional entitlement is less than 0.5.
The Company's share purchase warrants will be adjusted on the same basis with proportionate adjustments being made to the exercise prices. In addition management has decided to cancel all stocks options as of today. In addition the Board of Director's have cancelled all of the Stock Options that have been issued.
Management of the Company believes that a Consolidation of its shares will allow itself to raise funds on more favorable terms and as well increase the Company's flexibility and competitiveness.
Letters of transmittal with respect to the Consolidation will be mailed out to all registered shareholders by the Company's registrar and transfer agent, Computershare Investor Services Inc. ("Computershare"). The letter of transmittal will describe the process by which shareholders may obtain new certificates representing their post-Consolidation Common Shares. All registered shareholders of the Company will be required to send their certificates representing pre-Consolidation Common Shares with a properly executed letter of transmittal to Computershare in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their shares through a broker or other intermediary and do not have shares registered in their name will not need to complete a letter of transmittal.
About Sunset Cove - Sunset Cove Mining Inc. is a dynamic Canadian junior mineral exploration and development company dedicated to driving shareholder value through the economical acquisition, exploration and development of strategic metals properties in Canada and Latin American locations to the point where they become attractive joint venture or acquisition targets. Sunset currently has two properties in its portfolio, a graphite property in Quebec and the Carolay Silver property in Peru.
Forward-Looking Statements
Some of the statements contained herein may be forward-looking statements that involve known and unknown risks and uncertainties. Results presented in this press release are exploratory in nature. Historical data, if mentioned, should not be relied upon, as they are not admissible under NI 43-101 rules and the Company has not conducted sufficient testing to verify this type of information. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability, and the uncertainty of access to additional capital. Sunset Cove disclaims any obligation to update any such forward-looking statements.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
For further information, please contact:
Lorne Woods, President, Sunset Cove Mining
(877) 234-0692; ext. 250
lwoods@sunsetcovemining.com
www.sunsetcovemining.com