Glencairn Gold Announces Name Change, Share Consolidation and Exercise of Previously Issued Subscription Receipts
November 29 2007 - 6:42PM
Marketwired
TORONTO, ONTARIO (TSX: GGG)(TSX: GGG.WT)(AMEX: GLE) announces
that it has changed its name to Central Sun Mining Inc. and
implemented a share consolidation on a one-for-seven basis
effective November 29, 2007. The name change and share
consolidation were approved by shareholders at the Company's
special meeting of shareholders held on November 29, 2007.
Shareholders also approved the issuance of an aggregate of
19,095,714 post-consolidation common shares and 9,547,857
post-consolidation common share purchase warrants upon the deemed
exercise of subscription receipts issued on October 22, 2007. The
Company's new Stock Option Plan and amended Share Bonus Plan were
also approved by shareholders.
"This represents the completion of three significant features of
the Company's restructuring plan announced on October 2, 2007,"
said Peter Tagliamonte, President & Chief Executive Officer.
"We now look forward to implementing the remainder of our new
strategic plan by completing the conversion of the Orosi Mine
(formerly Libertad) from heap leaching to conventional milling and
carrying out our exploration program along the Nicaraguan Gold
Belt."
Effective at the opening on Wednesday, December 5, 2007, the
Company's common shares and common share purchase warrants
currently listed on the Toronto Stock Exchange under the symbols
"GGG" and "GGG.WT", respectively, will commence trading under the
new name Central Sun Mining Inc., the new symbols "CSM" and
"CSM.WT", respectively, and on a one-for-seven consolidated basis.
Also effective at the opening on Wednesday, December 5, 2007, the
Company's common shares currently listed on the American Stock
Exchange under the symbol "GLE" will commence trading under the new
name Central Sun Mining Inc., the new symbol "SMC" and on a
one-for-seven consolidated basis.
As a result of the consolidation, the Company has approximately
59,284,528 common shares outstanding and approximately 90,450,000
common shares on a fully-diluted basis. Outstanding common share
purchase warrants and stock options have been adjusted to reflect
the consolidation.
Letters of Transmittal will be mailed to registered holders of
common shares on November 30, 2007 requesting them to forward the
certificates representing their common shares of Glencairn Gold
Corporation to Equity Transfer & Trust Company in Toronto,
Ontario in exchange for certificates representing the number of
common shares of Central Sun Mining Inc. to which they are
entitled.
As a result of the consolidation, commencing on December 5,
2007, the terms of the currently outstanding $1.25 common share
purchase warrants listed on the Toronto Stock Exchange have been
adjusted pursuant to the warrant indenture governing these warrants
such that seven previously outstanding warrants will entitle the
holder to purchase one common share at a price of $8.75 until
November 26, 2008.
About Central Sun Mining
The Company is a gold producer with mining and exploration
activities focused in Nicaragua. The Company operates the Limon
Mine in Nicaragua and plans to convert the Orosi Mine in Nicaragua
to conventional milling and expand annual gold output. It also
holds an option to acquire a 100% interest in the Mestiza gold
property which is located 70 kilometres from the Limon Mine. The
Company focuses on efficient and productive mining practices to
establish a firm base of quality operations. Central Sun Mining is
committed to growth by optimizing current operations and expanding
mineral reserves at existing mines.
Cautionary Note Regarding Forward-Looking Statements: This press
release contains "forward-looking statements", within the meaning
of the United States Private Securities Litigation Reform Act of
1995 and applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to,
statements with respect to the completion of the Company's new
strategic plan, the future financial or operating performance of
the Company, its subsidiaries and its projects, the future price of
gold, estimated recoveries under the milling plan, the estimation
of mineral reserves and resources, the realization of mineral
reserve estimates, the timing and amount of estimated future
production, costs of production, capital for the mill project,
operating and exploration expenditures, costs and timing of the
development of new deposits, costs and timing of future
exploration, requirements for additional capital, government
regulation of mining operations, environmental risks, reclamation
expenses, title disputes or claims, limitations of insurance
coverage and the timing and possible outcome of pending litigation
and regulatory matters. Generally, these forward-looking statements
can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved".
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to:
general business, economic, competitive, political and social
uncertainties; the actual results of current exploration
activities; actual results of reclamation activities; conclusions
of economic evaluations; changes in project parameters as plans
continue to be refined; future prices of gold; possible variations
of ore grade or recovery rates; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; political instability,
insurrection or war; delays in obtaining governmental approvals or
required financing or in the completion of development or
construction activities, as well as those factors discussed in the
section entitled "General Development of the Business - Risks of
the Business" in the Company's annual information form for the year
ended December 31, 2006 on file with the securities regulatory
authorities in Canada and the Company's Form 40-F on file with the
Securities and Exchange Commission in Washington, D.C. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
does not undertake to update any forward-looking statements that
are incorporated by reference herein, except in accordance with
applicable securities.
Contacts: CENTRAL SUN MINING INC. Peter W. Tagliamonte President
& CEO (416) 860-0919 Email: ir@centralsun.ca
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