SLAM to Consolidate Shares 3:1
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
FOR IMMEDIATE RELEASE SEPTEMBER 29, 2014
Miramichi, New Brunswick - SLAM Exploration Ltd. (TSX-V: SXL) (the “Company”) announces that it will consolidate all of the Company’s issued and outstanding common shares on the basis of every three (3) common shares into one (1) new common share (the “Consolidation”). This consolidation is in accordance with a special resolution passed by the shareholders of the Company at its Annual General and Special Meeting held September 11, 2014. The Company is proceeding with the Consolidation subject to TSX Venture Exchange approval.
The proposed Consolidation would result in the number of issued and outstanding common shares of the Company being reduced from the current outstanding 29,855,229 common shares to approximately 9,951,743 common shares. In addition, 6,732,500 outstanding warrants to purchase 6,732,500 common shares would reduce to 2,244,166 warrants to purchase 2,244,166 common shares on a post-consolidation basis. The Company does not have any outstanding options. The Company does not intend to change its name or trading symbol in connection with the proposed Consolidation.
Management of the Company believes that the proposed Consolidation will better position the Company to raise the funds it requires to finance its ongoing business activities including the acquisition of mineral properties and exploration and development of its existing properties.
About SLAM Exploration Ltd.
SLAM owns a portfolio of road accessible mineral properties within driving distance of the corporate head office in Miramichi, New Brunswick. This portfolio includes the Superjack (formerly Nepisiguit) and Nash Creek base metal-silver deposits that both contain resources conforming to NI43-101 standards. The Company discovered an extension of the Superjack-A massive sulphide deposit in 2011, and discovered the Maisie gold deposit on its Menneval project in 2012. The Company also owns a significant gold portfolio in Ontario that includes the Reserve Creek gold deposit. Additional information about SLAM and its projects is available at www.slamexploration.com or from SEDAR filings at www.sedar.com.
Certain information in this press release may constitute forward-looking information, including statements that address future production, reserve potential, exploration and development activities and events or developments that the Company expects. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking- statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com. 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.
On behalf of the Board Mike Taylor, P. Geo.
President & CEO SLAM Exploration Ltd.
Direct: 506-627-1353 Toll Free: 866.523.6719 SEDAR: 00012459E Info: [email protected]