RENO, Nev., June 13, 2013 /PRNewswire/ -- General Metals Corporation (OTCQB: GNMT): (www.generalmetalscorporation.com) strategically located in the prolific Battle Mountain Nevada mining district, announced today that it will hold a special meeting of stockholders on Wednesday, July 31, 2013 at 10:00 a.m. (Pacific time) at a Reno Nevada location to be announced shortly. The Meeting is being held to: i) elect five directors to the board; ii) to appoint Ingenium Accounting Associates as independent public accountant; iii) approve an up to a 20:1 reverse stock split; and, iv) approve the transaction with Open Gold Corporation.
The board has fixed the close of business on June 17, 2013 as the record date for determining the stockholders entitled to vote at the Meeting.
Commenting on the upcoming meeting President and CEO Daniel J. Forbush noted, "This meeting is a critical one for our company because it involves two major actions by shareholders – first approval of the General Metals/Open Gold Corporation transaction; and second, authorizing the Board to implement a reverse split of the shares of the Nevada gold mining company if the Board deems it appropriate to increase shareholder value. We strongly recommend that shareholders approve both of these. It is important to unlocking additional value for our shareholders."
Mr. Forbush continued, "With respect to the Open Gold transaction, the benefits of this opportunity to our shareholders are access to critical capital for the Independence Project, access to the Canadian capital markets, accretive to the overall General Metals market valuation and the fact that General Metals holders will hold shares in both companies providing the opportunity to leverage our shareholders stake into multiple projects."
President Forbush continued, "The reverse stock split is a sound strategic move for the company because it will give us the correct capital base to begin bringing additional assets to General Metals shareholders and will better enable us to use a significant asset that to this point has been dormant on our balance sheet – the approximately $10 million in Net Operating Loss carry-forwards."
Mr. Forbush concluded by saying," It is for these reasons that I, along with all members of the board, recommend that shareholders approve these two important actions as well as the normal business items being put forward."
About General Metals Corporation General Metals Corporation (OTCQB: GNMT); www.nevada-goldmine.com, is an aggressive junior mining exploration and development company, based in Reno, Nevada. The company is actively pursuing the re-opening of its Independence gold and silver mining project strategically located in the prolific Battle Mountain Mining District of Nevada.
Cautionary Note to U.S. Investors - The U.S. Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this presentation, such as "measured", "indicated", and "inferred" "resources", which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in General Metal's form 10-K, which may be secured from General Metals or the SEC website at: http://www.sec.gov.
Notice Regarding Forward-Looking Statements This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and in Canadian securities legislation. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that Open Gold will complete the acquisition of the Independence Project or the financing. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
For further information, please contact:
General Metals Corporation
1155 West Fourth Street, Suite 210
Reno, NV 89503
SOURCE General Metals Corporation