|By Marketwired .||
|December 9, 2013 06:05 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 12/09/13 -- Selwyn Resources Ltd. (TSX VENTURE: SWN) ("Selwyn" or the "Company") is pleased to announce that the Company received, at the special meeting of shareholders held today (the "Meeting"), shareholder approval for the reduction in the stated capital of the common shares of the Company ("Shares") by an aggregate amount equal to approximately $27.6 million (based on the number of Shares currently issued and outstanding), for the purpose of effecting a special distribution to shareholders of $0.07 per Share as a return of capital ("ROC").
The Company also received, at the Meeting, shareholder approval for the consolidation of the Company's current number of issued and outstanding Shares on the basis of one (1) post-consolidation Share for every one-hundred (100) pre-consolidation Shares (the "Share Consolidation"), which will consolidate 394,104,510 outstanding pre-consolidation Shares of the Company into 3,941,045 post-consolidation Shares of the Company.
The Company is also pleased to announce that the record and distribution dates for the ROC have now been set. The Company's directors have set December 19, 2013 as the record date for the ROC, with an anticipated distribution date of December 30, 2013.
Results of the Meeting
The following summarizes the results from the votes by ballot at the Meeting.
Total Shares voted 188,139,806 Total Shares issued and outstanding 394,104,510 Total percentage of Shares voted 47.74
Return of Capital
Voted For Voted % Against % 186,538,289 99.49 960,427 0.51
Voted For Voted % Against % 186,420,793 99.09 1,719,013 0.91
Subject to approval of the TSX Venture Exchange, the directors have resolved that the Share Consolidation will be effective on or about December 30, 2013.
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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including without limitation statements regarding the future plans and objectives of Selwyn, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to completion of the ROC and the Share Consolidation, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
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. Important factors that could cause actual results to differ materially from Selwyn's expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors discussed in the section entitled "Risk Factors" in Selwyn's Annual Information Form. Although Selwyn has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.