Southridge Minerals Announces Stock Buyback for up to $2.2 Million
November 08 2011 - 10:12AM
Marketwired
Southridge Minerals, Inc. (PINKSHEETS: SRGE) ("Southridge" or the
"Company") is pleased to announce its Board of Directors has
approved a stock repurchase plan. The repurchase of up to
$2,200,000 of the Company's common stock was authorized.
Michael Davies, the Company's President, commented, "We are very
pleased to announce this Stock Buyback program and believe it
benefits shareholders at a time when our stock is undervalued. The
Buyback program is intended to increase future earnings per share
by reducing the number of shares outstanding and allow our share
price to more accurately represent the quality and profit potential
of our assets and operations to the investment community. Our
shareholders have and continue to be our most important asset and
rewarding them is a high priority.
"We have been dismayed by the sharp decline in our share price
over the past two quarters. It is our opinion that the Company's
share price has become significantly undervalued and we believe
buying back the Company's shares, at the current price level,
represents an exceptional investment opportunity."
Acquisitions of stock under the repurchase plan will be made
from time to time as permitted by securities laws and corporate
legal requirements and subject to market conditions and other
factors. Share purchases will be funded by the Company's cash and
through debt financing. The repurchase plan will continue as long
as periodic management reviews deem it to be fiscally feasible and
the plan may be discontinued at any time.
For further information on the Company's Gold and Silver
projects, visit our website, http://www.southridgeminerals.com.
Southridge Investors can access the following Southridge
Minerals social media channels:
Facebook:
(http://www.facebook.com/pages/Southridge-Minerals-Inc/163457600376466)
Twitter: (http://twitter.com/SouthridgeSRGE)
YouTube Cinco Minas Mexico Project:
(http://youtu.be/R6P8oght4Ik) (http://youtu.be/o2LfLaSu8ww)
About Southridge Minerals, Inc. (PINKSHEETS: SRGE) Southridge
Minerals, Inc. is a U.S.-based mineral exploration company
dedicated to acquiring and developing mineral resources in
geologically permissible and politically stable areas of the world.
The Company seeks out early stage opportunities with good
mineralization indicators that exhibit significant blue-sky
potential. Southridge pursues and advances these projects that are
or will be of interest to mid-size and major producers. By forming
alliances on individual projects, the Company expects to develop
its interests in mines operated by its partners, allowing it to
continue to build value through continued exploration. Southridge
is currently focused on projects in Mexico.
What sets Southridge apart is its vast experience in Mexico and
the knowledge of the geological conditions and formations
pertaining to known large gold deposits that have received very
little attention to date. This comparative advantage, combined with
a specific geographical and mineral focus, will allow for more
efficient asset and income growth in the future for the benefit of
shareholders' investments.
Forward-Looking Statements Although the Company believes that
the forward-looking statement of beliefs, plans, expectations, and
intentions contained in this press release are reasonable, there
can be no assurance those beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consider all
of the information set forth herein and should also refer to the
risk factors disclosed in the Company's published current and
periodic reports.
Michael Davies President Tel. (214) 699-6255 Email: Email
Contact http://www.southridgeminerals.com
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