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Buccaneer Announces Share Consolidation and Grant of Options
January 31, 2014 8:00 AM EST | Source: Strategic Minerals Europe Corp.
Toronto, Ontario--(Newsfile Corp. - January 31, 2014) - BUCCANEER GOLD CORP. (TSXV: BGG) ("Buccaneer" or the "Company") is pleased to announce that the Company will consolidate its common shares (the "Shares") on the basis of the range of between one post-consolidation Share for between two and three pre-consolidation Shares (the "Consolidation"), subject to the approval of the TSX Venture Exchange and the Company’s shareholders (the "Shareholders"). The Company will send materials relating to this year’s annual and special meeting, to be held on March 7, 2014, to shareholders of record as of January 30, 2014.
Implementation of the Consolidation will not materially affect the percentage ownership of the Shareholders and the Consolidation will merely proportionally reduce the number of Shares held by the Shareholders.
As at the date hereof, an aggregate of 32,191,667 pre-consolidation Shares are issued and outstanding. It is expected that, upon implementation of the Consolidation, there will be an aggregate of approximately a maximum of 16,095,833 post-Consolidation Shares issued and outstanding assuming a one for two Share exchange ratio or approximately a minimum of 10,730,555 post-Consolidation Shares issued and outstanding assuming a one for three Share exchange ratio.
In the event the implementation of the Consolidation would otherwise result in the issuance of a fractional Share, no fractional Share will be issued and such fraction will be rounded down to the nearest whole number. In addition, the number of Shares issuable upon the exercise of any outstanding incentive stock options or any other convertible securities of the Corporation will be proportionally adjusted upon the implementation of the Consolidation. Notwithstanding approval by the Shareholders, the board of directors of Buccaneer (the "Board") may, in its sole discretion, revoke the special resolution approving the Consolidation at any time prior to its implementation.
It is management’s view that the Consolidation is in the best interests of the Shareholders, as it is anticipated that the post-consolidation market price per Share may facilitate further financing activities. Management also believes that the Consolidation will make investing in the Shares more attractive to a broader range of institutional investors and other members of the investing public. Buccaneer will not be changing its name or its trading symbol in conjunction with the Consolidation.
Grant of Stock Options
The Corporation further announces that the Board has granted its Vice-President, Exploration 150,000 incentive stock options to purchase common shares at an exercise price of $0.10 per share with an expiry date of January 31, 2019. The total number of stock options outstanding as of the date hereof is 1,400,000.
About Buccaneer
Buccaneer Gold Corp. is a mineral exploration company whose long-term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties highly prospective for gold. Additional information about the Company is available on SEDAR at www.sedar.com or on the Company’s website at www.buccaneergold.com.
Cautionary Statement
This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this release, including, without limitation, future plans and objectives of Buccaneer, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Buccaneer’s expectations are the risks detailed herein and from time to time in the filings made by Buccaneer with securities regulators.
For further information, please contact Paul Zyla, President and Chief Executive Officer at 416 366-4227 or by e-mail at info@buccaneergold.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this news release and neither accepts responsibility for the adequacy or accuracy of this news release.