Toronto, Ontario--(Newsfile Corp. - June 3, 2015) - Silver Shield Resources Corp., (TSXV: SSR.H) (the "Corporation") announced today that it has applied for, and received approval from the TSX Venture Exchange to consolidate its common shares on the basis of one new common share for every ten common shares outstanding or 10:1.
The Corporation currently has 82,570,350 common shares outstanding, and following the share consolidation, will have 8,257,035 common shares outstanding. The consolidation will take effect on Thursday June 4th, 2015. The Corporation will retain its current trading symbol.
The change in the number of issued and outstanding common shares that will result from the share consolidation will not materially affect any shareholder's ownership percentage in the Corporation, although such ownership would be represented by a smaller number of common shares. The Board has concluded that the consolidation is in the best interests of Corporation as it will improve the Corporation's ability to obtain financing so that the Corporation can pursue acquisition opportunities and / or continue development of its existing properties.
The share consolidation was approved by the shareholders of Silver Shield Resources Corp., at the annual general meeting held on Dec 27th, 2013. Further details regarding the share consolidation are contained in the Corporation's Information Circular dated Dec 4th, 2013, which can be found on SEDAR.
Letters of transmittal will be sent to Shareholders to be utilized to exchange their common shares, for new common shares on a post-consolidation basis.
For further information please contact:
Mr. Frank Kordy
Interim CEO
Silver Shield Resources Corp.
T: (647) 466-4037
E: frank.kordy@silvershieldresources.net
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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