International PBX Ventures Ltd. Announces Proposed Share Consolidation and Name Change
05 Novembre 2013 - 1:59PM
Access Wire
International PBX
Ventures Ltd. ("PBX" or the "Company") (TSX.V:PBX) is pleased to
announce that it is proposing a consolidation of its issued and
outstanding common shares on the basis of one (1)
post-consolidation common share for every ten (10)
pre-consolidation common shares (referred to as the "consolidation
ratio"). In addition, the Company proposes to change its name to
Chilean Metals Ltd. or such other name as may be approved by the
Company's Board of Directors and applicable regulatory
authorities.
The proposed
consolidation and name change are subject to Shareholder and TSX
Venture Exchange approval. If approval is obtained the proposed
consolidation and name change would become effective at a date in
the future to be determined by the Board of Directors when the
Board considers it to be in the best interests of the Company to
implement.
The Company currently
has 160,813,747 common shares issued and outstanding and if the
consolidation is approved, the Company will have approximately
16,081,374 common shares issued and outstanding. The exercise or
conversion price of any outstanding stock options and warrants will
be proportionately adjusted based upon the same consolidation
ratio.
Terry Lynch,
President and CEO stated: "The proposed share consolidation and
name change is in line with the Board and Management's key
objectives of re-branding, re-positioning the Company and putting
in place a sustainable share structure. In addition, while not
guaranteed the proposed consolidation may help to broaden new
investor appeal for any future private placements, and may help to
improve the overall market perception of the Company's
stock."
The entire details of
the proposed share consolidation and name change is included in the
Information Circular to be mailed to all the PBX Shareholders of
record as of October 29, 2013 and posted on SEDAR
(www.sedar.com) in connection with
the Annual General and Special Meeting of the Shareholders to be
held on Tuesday, December 3, 2013.
About PBX
PBX recently
announced on October 11, 2013 that it has reached an agreement to
sell its 100% owned Copaquire property to Teck Resources Chile
Ltda. ("Teck"), a subsidiary of Teck Resources Limited for
US$3,033,556 cash plus a 3% net smelter royalty (NSR) payable to
PBX's wholly owned Chilean subsidiary, Minera IPBX Ltda.
Additionally, Teck will have the option to buy back 1% of the NSR
for US$3 million at any time. PBX also owns mineral rights through
its subsidiary, Chilean Metals Exploration Ltd. ("Chilean Metals")
on six 100%-owned properties comprising over 50,000 acres
strategically located in the prolific IOCG ("Iron
oxide-copper-gold") belt of Chile. Several of these projects are
under review by third parties for possible purchase or joint
venture.
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
"Terry Lynch"
Terry
Lynch, CEO
Contact:
tlynch@internationalpbx.com
Forward-looking Statements: This
news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical fact, that address events or
developments that PBX expects to occur, are forward looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or
"should" occur. Forward-looking statements in this document include
statements regarding current and future exploration programs,
activities and results. Although PBX believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in forward-looking statements. Factors that could cause the
actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
success, continued availability of capital and financing, inability
to obtain required regulatory or governmental approvals and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected in the forward looking statements.
Neither the 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.
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