Coeur Announces 1 for 10 Reverse Stock Split
May 18 2009 - 9:00AM
Business Wire
Coeur d�Alene Mines Corporation (NYSE:CDE)(TSX:CDM)(ASX:CXC)
today announced that its board of directors has authorized a
one-for-ten reverse split of its common stock, which was approved
by Coeur stockholders at the Annual Meeting of Stockholders on May
12, 2009. The reverse split will be effective at 6:01 p.m. EDT on
May 26, 2009.
The 1-for-10 reverse stock split will convert 10 shares of the
Company's common stock into 1 share of common stock. The reverse
stock split affects all issued and outstanding shares of the
Company's common stock immediately prior to the effectiveness of
the reverse stock split. The same 1-for-10 reverse stock split
ratio will be used to effect the reverse split of the Company�s
CHESS Depositary Interests, or CDIs. The Company's common stock
will start trading on a split-adjusted basis on the New York Stock
Exchange at market open on May 27, 2009. Coeur�s common stock will
begin trading on the Toronto Stock Exchange on a split-adjusted
basis two to three trading days following the date upon which
letters of transmittal are sent to stockholders. Letters of
transmittal are expected to be sent to stockholders on or about May
29, 2009.
The number of shares of Coeur common stock issued and
outstanding will be reduced from approximately 686,320,000 shares,
to approximately 68,632,000 shares post-split, without accounting
for fractional shares. The number of shares reserved for issuance
under Coeur�s equity compensation plans will also be reduced
proportionately. Coeur will not issue any fractional shares of its
common stock as a result of the reverse stock split. Instead,
stockholders who would otherwise hold fractional shares will be
entitled to receive cash (without interest or deduction) in lieu of
such fractional shares in an amount equal to the fraction to which
the shareholder would otherwise be entitled multiplied by the
closing sales price of Coeur�s common stock as reported on the NYSE
or TSX, as applicable, on May 26, 2009, as adjusted for the reverse
stock split.
Coeur has retained Mellon Investor Services LLC, to act as
exchange agent for the reverse stock split. Mellon will manage the
exchange of old, pre-reverse stock split shares for new
post-reverse stock split shares. Stockholders of record as of the
Effective Time, which is May 26, 6:01 p.m. EDT, will receive a
letter of transmittal providing instructions for the exchange of
their shares. Stockholders who hold their shares in �street name�
will be contacted by their banks or brokers with any instructions.
For further information, stockholders and securities brokers should
contact Mellon at 1-866-223-5997 after May 27, 2009. Computershare
Investor Services will serve as the exchange agent with respect to
the Australian CDIs. For further information, CDI holders should
contact Computershare at 1300 850 505 (from outside Australia +61 3
9415 4000).
The Company has posted a Frequently Asked Questions (FAQ)
document to its website at www.coeur.com.
About Coeur
Coeur d�Alene Mines Corporation is one of the world�s leading
silver companies and also a significant gold producer. Coeur will
have its first full year of production this year at the world�s
largest pure silver mine - San Bartolom� in Bolivia � and began
production in March at another world-leading silver mine �
Palmarejo in Mexico. The Company also operates underground mines in
southern Chile and Argentina and one surface mine in Nevada; and
owns non-operating interests in two low-cost mines in Australia.
The Company also owns a major gold project - Kensington in Alaska -
and conducts exploration activities in Argentina, Chile and Mexico.
Coeur common shares are traded on the New York Stock Exchange under
the symbol CDE, the Toronto Stock Exchange under the symbol CDM,
and its CHESS Depositary Interests are traded on the Australian
Securities Exchange under symbol CXC.
Cautionary Statement
This press release contains forward-looking statements within
the meaning of securities legislation in the United States, Canada,
and Australia, including statements regarding anticipated operating
results. Such statements are subject to numerous assumptions and
uncertainties, many of which are outside the control of Coeur.
Operating, exploration and financial data, and other statements in
this presentation are based on information that Coeur believes is
reasonable, but involve significant uncertainties affecting the
business of Coeur, including, but not limited to, future gold and
silver prices, costs, ore grades, estimation of gold and silver
reserves, mining and processing conditions, construction schedules,
currency exchange rates, and the completion and/or updating of
mining feasibility studies, changes that could result from future
acquisitions of new mining properties or businesses, the risks and
hazards inherent in the mining business (including environmental
hazards, industrial accidents, weather or geologically related
conditions), regulatory and permitting matters, risks inherent in
the ownership and operation of, or investment in, mining properties
or businesses in foreign countries, as well as other uncertainties
and risk factors set out in filings made from time to time with the
SEC, the Canadian securities regulators, and the Australian
Securities Exchange, including, without limitation, Coeur�s reports
on Form 10-K and Form 10-Q. Actual results, developments and
timetables could vary significantly from the estimates presented.
Readers are cautioned not to put undue reliance on forward-looking
statements. Coeur disclaims any intent or obligation to update
publicly such forward-looking statements, whether as a result of
new information, future events or otherwise. Additionally, Coeur
undertakes no obligation to comment on analyses, expectations or
statements made by first parties in respect of Coeur, its financial
or operating results or its securities.
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