Excellon Shareholders Approve Share Consolidation
Toronto Stock Exchange - EXN
TORONTO, April 30, 2013 /PRNewswire/ - Excellon Resources Inc. (TSX:EXN) ("Excellon" or "the Company"), Mexico's highest grade silver producer, is pleased to report the results from the Company's Annual and Special Shareholders Meeting held in Toronto this morning including the approval of the previously announced one-for-five share consolidation (the "Consolidation") with over 95% of shareholders voting in support.
"We are pleased that our shareholders support this initial step in our ongoing evolution into a premier silver producer," stated Brendan Cahill, President and Chief Executive Officer. "This share consolidation should allow us to significantly improve our investment profile and provide us with access to new markets both in North America and abroad. Our next steps are to optimize and increase production from our high-grade, low-cost La Platosa mine, increase cash flow and focus our exploration efforts on expanding and discovering more high-grade manto mineralization accessible from existing mine infrastructure."
"We also welcome our new board members, Ned Goodman and Joanne Ferstman to the Excellon team. They are both company builders and we look forward to realizing the immediate benefits and insights they will bring to Excellon."
The Company's shareholders voted strongly in favour of all resolutions put before the meeting, as follows:
|% In Favour|
|Approval of Directors|
|Peter A. Crossgrove||97.43%|
|Thor E. Eaton||98.98%|
|André Y. Fortier||98.97%|
|Alan R. McFarland||98.75%|
|Timothy J. Ryan||98.95%|
|Appointment of Auditors||99.01%|
|One-for-Five Share Consolidation||95.50%|
The Company has received conditional approval from the Toronto Stock Exchange for the Consolidation and expects to receive final approval in the coming days, following which the Consolidation will be effected. Letters of Transmittal in respect of the Consolidation will be mailed on or about May 3, 2013.
Excellon currently has 275,276,567 issued and outstanding common shares and 13,193,264 options outstanding. Upon completion of the Consolidation, Excellon will have 55,055,313 issued and outstanding common shares and 2,638,652 options outstanding (4.8% of the issued and outstanding common shares).
An Evolution in High Grade Silver: Excellon's 100%-owned La Platosa Mine in Durango is Mexico's highest grade silver mine, with lead and zinc by-products making it one of the lowest cash cost silver mines in the country. The Company is positioning itself to capitalize on undervalued projects by focusing on increasing La Platosa's profitable silver production and near term mineable resources.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release, which has been prepared by management. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced [particularly silver], the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties, and particularly the November 22, 2011 NI 43-101-compliant technical report prepared by Roscoe Postle Associates Inc. with respect to the Platosa Property. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
SOURCE Excellon Resources Inc.