Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 25, 2013) – Samaranta Mining Corporation (TSX VENTURE:SAX)(the “Company”)announces that effective as of the opening of trading of the TSX Venture Exchange (the “Exchange“) on Monday, October 28, 2013, the Company will trade under the new name of Icon Exploration Inc. (the “Name Change“). The Exchange has also approved the consolidation of the Company’s common share capital (the “Consolidation“) on the basis of one (1) post-consolidated common share for every five (5) pre-consolidated common shares held (the “Consolidation Ratio“). The Company’s new trading symbol will be “IEX“. The Company’s new CUSIP number will be 45112R100 and ISIN number will be CA45112R1001.
Any fractional shares resulting from the Consolidation will be converted to whole shares pursuant to the provisions of Section 83 of the British Columbia Business Corporations Act. Outstanding stock options and warrants will similarly be adjusted by the Consolidation Ratio. The Company currently has 48,982,147 common shares issued and outstanding and after the Consolidation, the Company will have approximately 9,796,429 common shares issued and outstanding.
The Name Change and Consolidation were approved by the directors of the Company and by the shareholders of the Company at the annual general and special meeting held on October 15, 2013.
Letters of transmittal with respect to the Consolidation and Name Change will be mailed to all registered shareholders of the Company. All registered shareholders will be required to send their respective certificates representing the pre-consolidated common shares along with a properly executed letter of transmittal to the Company’s transfer agent, Computershare Trust Company of Canada (“Computershare“), in accordance with the instructions provided in the letter of transmittal. Additional copies of the letter of transmittal can be obtained through Computershare (Corporate Actions 1-800-564-6253). All shareholders who submit a duly completed letter of transmittal along with their respective pre-consolidated share certificate(s) to Computershare will receive a post-consolidated common share certificate.
About Samaranta Mining Corporation
Samaranta Mining Corporation (to become Icon Exploration Inc.) is a mineral exploration and development company actively exploring for gold and precious metals in the Americas, with projects in both Nevada and Colombia. The Company’s primary focus is the newly-acquired Spanish Canyon Project, Nevada where it has the right to own 100% of mineral title. The Project consists of 94 unpatented lode-mining claims covering 1,900 acres and located on BLM and Forest Service lands in the Grantsville Mining District, Nye County, Nevada. The project is drill ready. Mountain Gold, LLC., the title holder, has identified areas with encouraging sampling results and abundant jasperoid-type alteration of limestone host rocks.
As the Company moves forward, management will lever its experience in North and South America and add value by adding projects that bring near-term value to its shareholders.
SAMARANTA MINING CORPORATION
Dan Fish, Interim CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or to revise them to reflect the occurrence of future unanticipated events.
