ZNext Mining Issues Dividends, Becomes AZHA Mining
April 03 2009 - 1:09PM
Marketwired
ZNext Mining Industries, Inc. with OTC.PK Stock Symbols:
(PINKSHEETS: ZNXT) (OTC Preferred: ZNXPP) announces today that on
March 8, 2009, ZNext Mining and Pearl Asian Mining Industries, Inc.
- Philippines was acquired by AZHA Mining Corporation of Mindanao
after buying out controlling interests of the majority shareholder
of these companies.
As a result of this acquisition and buy out, ZNext completes
this corporate action, by the Board of Directors recognizing that
its merger and acquisition is of paramount importance for the
company and all its shareholders, which had mandated the following
special corporate re-organization resolutions:
(1) That ZNext Mining Corporation has changed its name to AZHA MINING
CORPORATION, through buy out and reincorporation under the Republic of
the Philippines Jurisdiction.
(2) That AZHA Mining is to obtain a new CUSIP # and a corresponding new
Stock Symbol that will be set upon and to be announced by MDI NASDAQ.
(3) That the current Authorized Common Stock increased to One Hundred
Fifty Million (150,000,000) shares and the Authorized Preferred Stock
to remain the same, Eighty Thousand (80,000) Shares of both companies.
(4) That in consideration of this acquisition of ZNext Mining, AZHA Mining
is financing the final procurement of the pending MPSA (Mineral
Production Sharing Agreement), a Philippines Large Scale Mining Permit
as well as all other legal fees; and to continuously manage the very
expensive and capital intensive mining operations, thus enabling the
company to become productive and profitable. And
(5) That for further consideration, DIVIDENDS will be issued to all
current ZNXT shareholders. They will receive new Common Shares of the
AZHA Mining Corporation stock as follows: Each Shareholder will be
issued for each 50 common shares of ZNXT currently held, Twenty-Five
(25) Free Trading Common Shares and 50 Restricted AZHA Mining shares
as DIVIDENDS in exchange for the ZNXT Common shares, on the record
date of April 20, 2009.
(6) That there will be no fractionated common shares meaning that all
shareholders holding ZNXT shares of 50 or less on the effective/record
date of April 20, 2009 shall receive a minimum of twenty five (25)
Free Trading Common Shares and additional fifty (50) Restricted Common
Shares of the AZHA Mining common stock through rounding up to this
minimum amount.
(7) That after the distribution of DIVIDENDS, the estimated new total
Issued and Outstanding Common shares shall be approximately Forty-Five
Million, Three Hundred Twenty-Five Thousand (45,325,000); and the
estimated total Float is estimated to be approximately Fifteen Million
One Hundred Sixty Two Thousand Five Hundred (15,162,500). Currently,
there are approximately 6000 ZNXT Shareholders.
(8) The exchange of ZNXT for AZHA shares will commence on April 20, 2009.
There will be no exchange of ZNXPP shares as AZHA Mining is only
acquiring 100% of the common shares, so ZNXPP should continue to trade
as is.
(9) That the new Board of Directors of AZHA Mining will set aside ten
million (10,000,000) common shares of AZHA Mining Corporation, Inc.
bearing the assigned new CUSIP # and Stock Symbol, in order to raise
funds, thus to further support the capital intensive mining
operations, expansion, production and profitability.
ABOUT THE COMPANY
AZHA Mining Corporation, Inc is a mining company engaged in the
exploration, development and commercialization of new and
underdeveloped mine sites. It is involved in the production of
gold, silver and other precious metals. AZHA Mining was assigned
the 100% interest of the twelve (12) mining claims in British
Columbia, Canada. Additionally, AZHA Mining was assigned 100%
interest on the PEARL's Mineral Production Sharing Agreement (MPSA)
that includes all of PEARL's gold and other mineral mining
explorations, developments and productions; whose MPSA application,
registration and final release and issuance of PEARL's large scale
mining permit is pending and has been on filed in Region V since
2004;
FORWARD-LOOKING STATEMENTS
Forward-looking statements in this release include statements
regarding the Company's projections regarding gold, silver and
precious metals explorations, extractions and productions in future
periods. Penny Stocks are highly speculative and may be unsuitable
for all but very aggressive investors. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
CONTACT: Investor Relations: Dennis Bravs Phone: 888-498-0001
E-mail:azha@azhamining.com www.AzhaMining.com (Under
Development)
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