TORONTO, Jan. 29, 2016 /CNW/ - Ferrum Americas
Mining Inc. ("Ferrum" or the "Company")
(TSX-V:FEM) is pleased to announce the results of its Special
Meeting of Shareholders held in Toronto on January 28,
2016 (the "Meeting"), including the approval of a
proposed name change to "Toachi Mining Inc." (the "Name
Change") and a share consolidation (the "Consolidation")
by the Company's shareholders.
It is expected that in February
2016, the Company will change its name to "Toachi Mining
Inc." and shortly thereafter its common shares will begin trading
on the TSX Venture Exchange under a new ticker symbol. The
Company's board of directors (the "Board") believes that the
new name will better communicate the Company's strategy to develop
the La Plata gold-copper-zinc-silver volcanogenic massive sulphide
("VMS") project (the "Project") in Ecuador pursuant to the letter of intent it
entered into with Sultana Del Condor Minera S.A. on October 13, 2015 whereby the parties agree to
execute an option agreement granting the Company an option to
acquire a minimum 60% interest and a maximum 75% interest in the
Project (the "Option Transaction"), as described in the
Company's press release dated October 28,
2015. The entry into by the Company of the Option
Transaction remains subject to the approval of the TSX Venture
Exchange.
In addition to the Name Change, it is also expected that in
February 2016, the Company will
effect the Consolidation whereby all of the issued and outstanding
common shares of the Company will be consolidated on a five-for-one
basis. The Consolidation will effect all of the Company's
stock options and warrants issued and outstanding at the effective
date. At the time of the Consolidation, the number, exchange basis
or exercise price of all stock options and warrants issued and
outstanding will be adjusted to reflect the five-for-one
Consolidation. The actual adjustment will be made by the
Company in consultation with its advisors.
Board Appointment
In addition to the approval of the Name Change and
Consolidation, the Company's shareholders elected to the Board Mr.
Jonathan Goodman, to serve until the
next annual meeting of shareholders or until his successor is
elected or appointed. For further information on the resolutions
voted on by the Company's shareholders at the Meeting, please
review the Company's management information circular dated
December 23, 2015, which is available
on SEDAR at www.sedar.com.
The Company also announces that Mr. Barry Lavin has resigned from the board of
directors. "On behalf of the Board and our shareholders, I would
like to thank Barry for his invaluable contributions to Ferrum and
his sage advice over the past years," said Laurence Curtis, Chairman.
About Ferrum Americas Mining
Ferrum Americas is focused on developing base and precious
metals projects in the Americas. Ferrum Americas has entered
into an exclusivity agreement with Sultana Del Condor Minera S.A.
to acquire an interest in the La Plata gold-copper-zinc-silver VMS
project in Ecuador. For more
details, please see our press release dated October 28, 2015.
Forward Looking Statements
Certain information set forth in this news release contains
"forward-looking statements", and "forward-looking information
under applicable securities laws. Except for statements of
historical fact, certain information contained herein constitutes
forward-looking statements, which include the Company's
expectations about the Name Change, Consolidation and the Option
Transaction. These statements are not guarantees of future
performance and undue reliance should not be placed on them. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause the Company's actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements. These
risks and uncertainties include, but are not limited to: the
ability of the Company to obtain TSX Venture Exchange approval for
the Name Change, Consolidation or Option Transaction on the terms
described herein or at all, or the Company receiving funding to
complete the Option Transaction. There can be no assurance
that forward-looking statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. The Company undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change except as required
by applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements. Trading in the
securities of the Company should be considered highly
speculative.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States, nor
shall there be any sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Ferrum Americas Mining Inc.