TSXV: AWM WWW.ANGELWINGMETALS.COM
TORONTO, May 24, 2023 /CNW/ - Angel Wing Metals Inc. (TSXV: AWM) ("Angel Wing Metals" or the "Company") announces its proposal to consolidate the Common Shares of the Company (the "Consolidation") on the basis of one (1) post-consolidation Common Share for every two (2) pre-consolidation Common Shares to be voted on by the Shareholders at the Company's Annual General and Special Meeting to be held on June 29, 2023.
The Company currently has 134,505,817 Common Shares issued and outstanding. After the proposed Consolidation the Company will have approximately 67,252,908 Common Shares issued and outstanding. No fractional shares are to be issued under the consolidation and any fraction will be rounded down to the nearest whole number. Outstanding options and warrants will be similarly adjusted.
The Consolidation is being proposed by the Company's Board of Directors in order to provide the Company with increased flexibility to facilitate future financing and business development activities.
The Consolidation is subject to a favourable vote at the Company upcoming Annual General and Special Meeting of Shareholders and the approval of the TSX Venture Exchange. The Company will not change its name or ticker symbol as part of the Consolidation however, consolidated shares will be assigned a new CUSIP number.
Angel Wing Metals (TSXV: AWM) is focused on the exploration and development of its portfolio of precious metals properties in Mexico and Canada. The Company's flagship El Grande Project covers 655km2 in the southern extension of the prolific Sierra Madre Occidental gold-silver belt in the state of Nayarit, Mexico and demonstrates significant gold and silver mineralization.
Angel Wing Metals is committed to sustainable and responsible exploration and business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which the Company operates.
For more information, please visit the Company's website at www.angelwingmetals.com.
ON BEHALF OF THE BOARD OF ANGEL WING METALS INC.
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", " expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this news release contains forward-looking information regarding: the Consolidation, approval of Shareholders and the TSXV of the Consolidation, the Company proceeding with the Consolidation and its potential to increase in the market price per Common Share or improved liquidity. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Angel Wing Metals' current beliefs and is based on information currently available to Angel Wing Metals and on assumptions Angel Wing Metals believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Angel Wing Metals to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Angel Wing Metals; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labor or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward- looking information can be found in Angel Wing Metals' disclosure documents on the SEDAR website at www.sedar.com. Although Angel Wing Metals has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Angel Wing Metals as of the date of this news release and, accordingly, is subject to change after such date. However, Angel Wing Metals expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
SOURCE Angel Wing Metals Inc.
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