VANCOUVER, Nov. 6, 2012 /PRNewswire/ - Anglo Swiss Resources Inc. (ASW: TSX-V, ASWRF: PK) ("Anglo Swiss" or the "Company") announces its Annual General and Special Meeting of Shareholders (the "Meeting") will be held on November 30, 2012. At the Meeting, in addition to the election of directors and appointment of auditors for the ensuing year, shareholders will be asked to approve a consolidation of the Company's issued and outstanding common shares at a ratio of up to five (5) to one (1). The Company currently has an aggregate of 184,656,900 common shares issued and outstanding. If the share consolidation were undertaken at the ratio of 5 to 1, the issued and outstanding common shares would be approximately 36,931,380. The Company also intends to change its name in connection with the proposed share consolidation to "Golden Libra Minerals Inc." or any other name deemed appropriate by the board of directors.
The Company's board of directors are seeking shareholder approval for a share consolidation to better position the Company to finance future exploration activities. The board of directors believe that the existing share structure may not be conducive to completing additional equity financings, particularly given the present difficult market conditions for junior exploration companies, and that a combination of a consolidation of shares and a new strategic acquisition will markedly improve the Company's ability to grow and raise capital. The Company plans to focus on optimizing value for its current properties and to use its extensive industry experience to identify and acquire new opportunities it believes will regenerate market interest in the Company.
The proposed consolidation and name change are subject to shareholder approval and acceptance for filing by the TSX Venture Exchange and any other regulatory body having jurisdiction. Additional information regarding the proposed consolidation is provided in the management information circular for the meeting. The information circular and other materials relating to the meeting have been mailed to registered shareholders and filed on SEDAR.
ON BEHALF OF THE BOARD OF DIRECTORS,
Jari Paakki, P.Geo.
About Anglo Swiss:
Anglo Swiss Resources Inc. is a Canadian based exploration company with current assets including its Kenville Gold Mine and Blu Starr Flake Graphite properties in southeastern BC, and its Lansdowne House, Ring of Fire Nickel-Copper-PGE property in northwestern Ontario. Further information about the Company may be found in the Company presentation at http://www.anglo-swiss.com or at http://www.sedar.com.
Cautionary Note Regarding Forward-Looking Statements: Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. Such forward-looking statements or information include, but are not limited to, statements or information with respect to Anglo Swiss Resources' plan for future exploration and development of its properties. Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the Property, or that the Company will be able to raise sufficient capital to complete all of its exploration and drill programs. Accordingly, undue reliance should not be placed on forward-looking statements or information. Anglo Swiss does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.
SOURCE Anglo Swiss Resources Inc.