Abacus Announces Approval of Share Consolidation
Abacus Announces Approval of Share Consolidation
Vancouver, BC – April 26, 2017. Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) is pleased to announce that at the Special General Meeting of
the shareholders of the Company held on April 25, 2017, Abacus’ shareholders appr oved
the previously announced consolidation of the issued and outstanding common shares of
the Company (the "Common Shares") on the basis of one (1) post-consolidation Common
Share for every six (6) pre-consolidation Common Shares (the "Consolidation").
Subject to the approval of the TSX Venture Exchange (“TSXV”), the Common Shares will
begin trading on the TSXV on a post-consolidated basis at market open on Monday, May 1,
2017, and the Company will continue to trade under the symbol "AME" on the TSX V. It is
expected that the Consolidation will reduce the number of outstanding Common Shares
from approximately 234,807,611 Common Shares to approximately 39,134,602 post -
consolidation Common Shares on a non -diluted basis. No fractional Common Shares will
be issued under the Consolidation. Any fractions of a Common Share resulting from the
Consolidation will be dealt with in accordance with the Business Corporations Act (BC), as
more particularly described in the Company’s management information circular dated March
24, 2017.
No further action on the part of the shareholders will be required in order for the Board to
implement the Consolidation. Letters of transmittal describing the process by which
shareholders may obtain new certificates representing their consolidated Common Shares
will be mailed shortly to registered shareholders. Common Shares held in uncertificated
form by non-registered shareholders through brokerage accounts will be converted at the
consolidation ratio through each shareholder's broker age account. Non -registered
shareholders should consult their broker for further information.
Management believes the Consolidation is in the best interest of shareholders. It should
increase the Company's flexibility and competitiveness in the market pla ce and make the
Company's securities more attractive to a wider audience of potential investors and other
interested parties. Notwithstanding approval of the Consolidation by the shareholders, the
Board, in its sole discretion, may revoke the resolution a pproving the Consolidation and
abandon the Consolidation without further approval, action by, or prior notice to
shareholders.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Michael McInnis
Chairman, President & CEO
Suite 615-800 West Pender Street
Vancouver, B.C. V6C 2V6 Canada
Tel: 604.682.0301 Fax: 604.682.0307
email: [email protected]
website: www.amemining.com
TSX Venture Exchange Symbol: AME
About Abacus
Abacus is a mineral exploration and mine development company with a 20% interest in the
Ajax Project located at the historic Ajax -Afton site southwest of Kamloops, B.C., and an
option to acquire up to a 75% undivided interest in the Willow porphyry copper-gold property
located in Nevada. The Ajax Project is a proposed copper -gold open -pit mine currently
undergoing a provincial and federal environmental assessment process. Through KGHM
Ajax Mining Inc., a joint venture company between Abacus (20%) and KGHM Polska Miedz
S.A. (KGHM) (80%), the Ajax Mine is being funded in large part by KGHM and operated by
its wholly-owned subsidiary, KGHM International Ltd. For the latest reports and information
on Abacus’ projects, please refer to the Company’s website at www.amemining.com.
Forward-Looking Information
This release includes certain statements that are deemed “forward -looking statements”. All statements in this
release, other than statements of historical facts, that address events or developments that Abacus expects to
occur, are forward-looking statements. Forward- looking statements are statements that are not historical facts
and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”,
“could” or “should” occur. Although the Company believes the expectations expressed in such forward -looking
statements are based on reasonable assumptions, such statements are not guarantees of future pe rformance
and actual results may differ materially from those in the forward-looking statements.
Forward-looking information in this news release includes, but is not limited to, statements with respect to: the
Company’s beliefs and expectations related to the results of the Consolidation; the timing for implementation of
the Consolidation; and the economic effect of the Consolidation. Factors that could cause the actual results to
differ materially from those in forward -looking statements include changes to commodity prices, mine and
metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on
a timely basis, exploitation and exploration successes, continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned that any such statements are not guarantees
of future performance and actual results or developments may differ materially from those projected in the
forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made. Except as required by applicable securities laws,
the Company undertakes no obligation to update these forward -looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change.
Neither 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.