Angel Wing Metals Announces Proposed Share Consolidation
Angel Wing Metals Announces Proposed
Share Consolidation
TSXV: AWM
WWW.ANGELWINGMETALS.COM
TORONTO
,
May 24, 2023
/CNW/ -
Angel Wing Metals Inc.
(TSXV: AWM) ("
Angel Wing Metals
"
or the "
Company
") announces its proposal to consolidate the Common Shares of the Company (the
"Consolidation") on the basis of one (1) post-consolidation Common Share for every two (2) pre-
consolidation Common Shares to be voted on by the Shareholders at the Company's Annual General
and Special Meeting to be held on
June 29, 2023
.
The Company currently has 134,505,817 Common Shares issued and outstanding. After the
proposed Consolidation the Company will have approximately 67,252,908 Common Shares issued
and outstanding. No fractional shares are to be issued under the consolidation and any fraction will
be rounded down to the nearest whole number. Outstanding options and warrants will be similarly
adjusted.
The Consolidation is being proposed by the Company's Board of Directors in order to provide the
Company with increased flexibility to facilitate future financing and business development activities.
The Consolidation is subject to a favourable vote at the Company upcoming Annual General and
Special Meeting of Shareholders and the approval of the TSX Venture Exchange. The Company will
not change its name or ticker symbol as part of the Consolidation however, consolidated shares will
be assigned a new CUSIP number.
ABOUT ANGEL WING METALS
Angel Wing Metals (TSXV: AWM) is focused on the exploration and development of its portfolio of
precious metals properties in
Mexico
and
Canada
. The Company's flagship El Grande Project
covers 655km
2
in the southern extension of the prolific Sierra Madre Occidental gold-silver belt in the
state of
Nayarit, Mexico
and demonstrates significant gold and silver mineralization.
Angel Wing Metals is committed to sustainable and responsible exploration and business activities in
line with industry best practices, supportive of all stakeholders, including the local communities in
which the Company operates.
For more information, please visit the Company's website at
www.angelwingmetals.com
.
ON BEHALF OF THE BOARD OF ANGEL WING METALS INC.
Marc Prefontaine
President & CEO
Email:
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.
Forward-Looking Information
:
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation. All statements, other than statements of
historical fact, included herein are forward-looking information. Generally, forward-looking
information may be identified by the use of forward-looking terminology such as "plans", " expects"
or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and
phrases, or by the use of words or phrases which state that certain actions, events or results may,
could, would, or might occur or be achieved. In particular, this news release contains forward-
looking information regarding: the Consolidation, approval of Shareholders and the TSXV of the
Consolidation, the Company proceeding with the Consolidation and its potential to increase in the
market price per Common Share or improved liquidity
.
There can be no assurance that such
forward-looking information will prove to be accurate, and actual results and future
events could
differ materially from those anticipated in such forward-looking information. This forward-looking
information reflects Angel Wing Metals' current beliefs and is based on information currently
available to Angel Wing Metals and on assumptions Angel Wing Metals believes are reasonable.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance, or achievements of Angel Wing
Metals to be materially different from those expressed or implied by such forward-looking
information. Such risks and other factors may include, but are not limited to: general business,
economic, competitive, political and social uncertainties; general capital market conditions and
market prices for securities; delay or failure to receive board or regulatory approvals; the actual
results of future operations; competition; changes in legislation, including environmental
legislation, affecting Angel Wing Metals; the timing and availability of external financing on
acceptable terms; and lack of qualified, skilled labor or loss of key individuals. A description of
additional assumptions used to develop such forward-looking information and a description of
additional risk factors that may cause actual results to differ materially from forward- looking
information can be found in Angel Wing Metals' disclosure documents on the SEDAR website at
www.sedar.com
. Although Angel Wing Metals has attempted to identify important factors that could
cause actual results to differ materially from those contained in forward-looking information, there
may be other factors that cause results not to be as anticipated, estimated or intended. Readers
are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not
to place undue reliance on forward-looking information as there can be no assurance that the
plans, intentions, or expectations upon which they are placed will occur. Forward-looking
information contained in this news release is expressly qualified by this cautionary statement. The
forward-looking information contained in this news release represents the expectations of Angel
Wing Metals as of the date of this news release and, accordingly, is subject to change after such
date. However, Angel Wing Metals expressly disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new information, future events or
otherwise, except as expressly required by applicable securities law.
SOURCE
Angel Wing Metals Inc.
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%SEDAR: 00004503E
For further information:
Katherine Pryde, Investor Relations, Tel: 646-354-9375, Email:
CO: Angel Wing Metals Inc.
CNW 17:05e 24-MAY-23