Full Metal Announces Corporate Update
FOR IMMEDIATE RELEASE October 22, 2014 (FMM 2014 – NR #8)
Full Metal Announces Corporate Update
Vancouver, BC – October 22, 2014 Full Metal Minerals Ltd. (FMM-TSX:V) (the "Company" or "Full Metal") announces corporate updates following the previously announced completion of the Copperbank transaction.
Management Changes
Carl Hering, Darryl Cardey and Rob McLeod have resigned as directors of the Company and Mr. McLeod has resigned as CEO and VP Exploration of the Company. Michael Williams has been appointed President and Chief Executive Officer on an interim basis, and Mr. Williams and Anthony Cage will continue as directors of the Company. Cale Moodie has been appointed as a director and will continue as Chief Financial Officer.
Consolidation
The newly constituted board of directors of the Company has determined to proceed with a consolidation of the Company's Class A common shares on the basis of ten (10) pre-consolidation common shares for each one
(1) post-consolidation common share (the "Consolidation"), subject to TSX Venture Exchange approval. The Company will not change its name or stock symbol in connection with the Consolidation.
Financing will be required in order for the Company to fund its operating and working capital requirements and future business purposes. It is management's opinion that the Consolidation is required in order to facilitate attracting new equity investment in the Company and to give the Company greater flexibility in future financings.
The Company currently has 59,309,395 Class A common shares issued and outstanding. On completion of the Consolidation, the Company will have approximately 5,930,940 Class A common shares issued and outstanding. The exact number of post-Consolidation shares will vary depending upon the treatment of fractions which will occur when each shareholder's holdings are consolidated.
The timing of the Consolidation will be governed by the requirements of the TSX Venture Exchange and coordination with the Company's transfer agent.
Stock Options
The Company also announces that all stock options have been cancelled.
ON BEHALF OF THE BOARD OF DIRECTORS
"Michael Williams"
Michael Williams Interim President /CEO and Director
For more information please contact:
Michael Williams [email protected] 604-484-7855
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2 Telephone: 604-484-7855 Fax: 604-484-7155 Email: [email protected] www.fullmetalminerals.com