TORONTO, Sept. 29, 2014 /CNW/ - Jubilee Gold
Exploration Ltd. (TSX.V: JUB) (the "Corporation") today
reports that it has received approval from the TSX Venture Exchange
(the "TSX-V") for the capital reorganization previously
announced on June 4, 2014 (the
"Capital Reorganization"). Pursuant to the terms of the
Capital Reorganization and by notice to its shareholders dated
September 24, 2014, the Corporation
has exercised its option to convert all outstanding common shares
of the Corporation (the "Common Shares") to a new class of
common shares (the "Class A Common Shares") on a 1-for-1
basis. The Class A Common Shares have the same characteristics as
the Common Shares prior to the addition of conversion and
redemption features approved by shareholders at the annual and
special meeting held on May 29,
2014.
Holders of Common Shares ("Shareholders") and holders of
unexchanged common shares of the Corporation's predecessor
corporations ("Unexchanged Shareholders") will have until
November 24, 2014 at 5:00 pm EST (the "Conversion Deadline") to
surrender their Common Shares certificates according to the
instructions set out in the letter of transmittals sent to
Shareholders and Unexchanged Shareholders, copies of which are
available on the Corporation's SEDAR page. Holders of Common Shares
will send their share certificates and completed letters of
transmittal to the depositary, Computershare Investor Services
Inc., while Unexchanged Shareholders will send their share
certificates and completed letters of transmittal to the
Corporation, following which Class A Common Share certificates will
be issued.
Immediately following the Conversion Deadline, the Class A
Common Shares will be listed on the TSX-V and the Common Shares
will be delisted. Any Shareholders or Unexchanged Shareholders that
do not convert their shares by the Conversion Deadline will have
their shares automatically redeemed at a price of $0.14 per share, the listed closing price of the
Common Shares on the day prior to the date of the notice of
conversion.
Further details on these matters are set forth in the
Corporation's materials accessible on the Corporation's SEDAR
corporate profile page.
This news release contains forward-looking statements, which
address future events and conditions, which are subject to various
risks and uncertainties. The Corporation's actual results, programs
and financial position could differ materially from those
anticipated in such forward-looking statements as a result of
numerous factors, some of which may be beyond the Corporation's
control. These factors include: the availability of funds; the
timing and content of work programs; results of exploration
activities and development of mineral properties, the
interpretation of drilling results and other geological data, the
uncertainties of resource and reserve estimations, receipt and
security of mineral property titles; project cost overruns or
unanticipated costs and expenses, fluctuations in metal prices;
currency fluctuations; and general market and industry
conditions.
Forward-looking statements are based on the expectations and
opinions of the Corportion's management on the date the statements
are made. The assumptions used in the preparation of such
statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
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.
SOURCE Jubilee Gold Exploration Ltd.