SAMEX Completes Preliminary Steps in Corporate Reactivation
Vancouver - TheNewswire - June 19, 2019 SAMEX Mining Corp. ("SAMEX" or the "Company") announces that it has successfully completed a number of important steps towards reactivation of SAMEX as a public company.
In September 2013, the Company's prior board of directors and then senior management announced that they had exhausted their ability, interest and intent to manage SAMEX and all resigned from the Company en-masse. This left the Company without directors, management, funds or the ability to meet its statutory filing and reporting obligations including the preparation and filing of financial statements since that time. The Company's failure to make these filings resulted in the issuance of cease trade orders by the BC and Alberta securities commissions, followed by the de-listing of its shares from the TSXV and the eventual dissolution of the Company resulting in the cessation of its legal existence as a corporation under the Business Corporations Act (British Columbia).
Recently a group of long-term founding shareholders launched an effort to restore the Company. These efforts included an application to the Registrar of Companies to restore SAMEX as a corporation (the "Restoration"), an application to the Supreme Court of British Columbia to, among other things, confirm the appointment of the new Board of Directors and to rectify the effects of the Company's failure to comply with various defects under corporate and securities legislation (the "Rectification Order") and an application to the BC Securities Commission for a partial revocation of its cease trade order (the "Partial Revocation Order") to allow completion of a private placement of 500,000,000 common shares for gross proceeds of $150,000 (the "Reactivation Placement") to provide funds to complete financial statements and other expenses necessary to apply in due course for full revocation of cease trade orders in BC and Alberta.
As a result of these efforts, the Restoration has been completed, the Rectification Order and Partial Revocation Order granted and the following persons have been appointed as the new directors and officers of SAMEX:
| Name | Office Held |
| Jeffrey P. Dahl | President and Director |
| Allen D. Leschert | Chairman and Director |
| Richard E. Matis | Director |
| Linda G. Dahl | Corporate Secretary |
The Reactivation Placement has also been completed and was subscribed for by Jeffrey Dahl and Allen Leschert, two of the directors and officers of the Company, resulting in the issuance of 500,000,000 common shares and receipt of subscription funds of $150,000. These proceeds will be used to cover the expenses of reactivating the Company as provided for in the Partial Revocation Order including preparation and filing of outstanding financial statements and other documents, which have not been filed since 2013, and completion of financial and other review and procedures in order to allow SAMEX to apply for full revocation of the outstanding BC and Alberta cease trade orders and completion of other filings and requirements necessary to bring the Company back into compliance with its statutory filing and reporting requirements.
For and On Behalf of the Board of Directors
"Allen D. Leschert"
Allen D. Leschert
Chairman and Director
This News Release includes certain "forward looking statements". Without limitation, statements regarding future prospects of the Company, and future plans and objectives of the Company are forward-looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: risks affecting the Company's ability to accurately ascertain and record information necessary to fulfill its regulatory requirements; the lack of current information available to Management as to the historical activity and current status of assets and liabilities of the Company's main operating subsidiary; the uncertainty of future profitability and uncertainty of access to additional capital. Except as may be required by law, SAMEX undertakes no obligation to revise or update any forward-looking information as a result of new information, future events, or otherwise after the date hereof.
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