Carmax Mining Announces Proposed Share Consolidation
September 12 2017 - 6:00AM
Carmax Mining Corp. (“Carmax” or the “Company”) (TSX-Venture:CXM)
announces that it will hold a special meeting of shareholders on
November 13, 2017 on authorizing Carmax’s board of directors to
consolidate the Company’s issued and outstanding common shares at a
ratio of one post-consolidation common share to be issued for every
2 pre-consolidated common shares previously held (the
“Consolidation”). The Consolidation is subject to the receipt of
all necessary regulatory approvals, including approval of the TSX
Venture Exchange.
As a result of the Consolidation, the Company's
currently issued and outstanding 110,242,525 common shares will be
reduced to 55,121,262 common shares after rounding adjustments. All
fractional common shares resulting from the Consolidation will be
rounded down to the nearest whole number of common shares. The
Company's outstanding incentive stock options and warrants will be
adjusted on the same basis (2:1) to reflect the Consolidation in
accordance with their respective terms, with proportionate
adjustments being made to exercise prices.
“Given both the recent increase in the price of
copper and the overall positive market outlook, our objective for
2018 is to be financially well-positioned to fund a sizeable
exploration program at our Eaglehead Copper Porphyry project,”
comments Jevin Werbes, President & CEO.
About Carmax
Carmax is a Canadian company engaged in
exploration for porphyry copper-gold-molybdenum deposits in
northwestern British Columbia.
For further information, please visit the
website at www.carmaxmining.com to view the Company’s profile
or contact Jevin Werbes at 604-620-7737.
“Jevin
Werbes”
Jevin Werbes, President & CEO
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.
This news release does not constitute an
offer to sell or a solicitation of an offer to sell any of the
securities described herein in the United States. The securities
described in this news release have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available. This news release is not for
distribution in the United States or over United States
newswires.
Cautionary Statement on Forward Looking
Statement
Certain information contained in this news
release, including information as to our strategy, projects, plans
or future financial or operating performance and other statements
that express management’s expectations or estimates of future
performance, constitute “forward looking statements”. Actual
results may differ materially from those indicated by such
statements. All statements, other than historical fact, included
herein, including, without limitations statements regarding future
production, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking information in this news release
includes, but is not limited to, statement about the proposed share
consolidation; statements about the exploration program at the
Eaglehead project; and statements about Carmax’s strategy, future
operations and prospects.
Additionally, there are known and unknown risk
factors which could cause Carmax’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk
factors include among other things; the possibility that the
proposed share consolidation may not occur on a timely basis, or at
all; additional exploration may not located similar grades of
mineralization or at all; the actual mineralization in the
Eaglehead project may not be as favorable as suggested by the drill
data; the mineralization may not be as extensive as suggested by
the geophysical and drill hole data; the possibility that future
exploration on the Eaglehead project may not occur on a timely
basis, or at all; fluctuations in copper and other commodity prices
and currency exchange rates; uncertainties relating to
interpretation of drill results and the geology,
A more complete discussion of the risks and
uncertainties facing Carmax is disclosed in Carmax's continuous
disclosure filings with Canadian securities regulatory authorities
at www.sedar.com. All forward-looking information herein is
qualified in its entirety by this cautionary statement, and Carmax
disclaims any obligation to revise or update any such
forward-looking information or to publicly announce the result of
any revisions to any of the forward-looking information contained
herein to reflect future results, events or developments, except as
required by law.