HALIFAX, Aug. 10, 2016 /CNW/ - Metallum Resources Inc.
(TSXV: MRV) ("Metallum" or "Company") is pleased to provide the
following corporate update:
Change of Business
Metallum will be proceeding with an application to the TSX
Venture Exchange for a change of business ("COB") from a Mining
Issuer to an Investment Issuer. On a going forward basis, and
subject to necessary regulatory and shareholder approvals, Metallum
will focus upon strategic investments in private and public company
securities. Trading in the Company's securities will remain halted
until the necessary approvals have been obtained.
The Company will seek shareholder approval for the COB at its
Annual General and Special Meeting "AGSM" to be held on
September 30, 2016. In
association with the COB, the Company will also seek shareholder
approval to change the name of the Company as well as approval of a
consolidation of its common shares on a one new common share for
every three common shares currently outstanding.
Appointment of Rob Randall as
Chief Financial Officer
The Company also announces the appointment of Rob Randall as Chief Financial Officer effective
August 9, 2016. Mr. Randall has
served as a CFO for a number of TSXV-listed companies over the past
five years and has extensive public company financial
experience. Previously, he was the Corporate Controller for
Etruscan Resources Inc. and a principal with
PricewaterhouseCoopers.
The Board would like to take this opportunity to recognize and
to thank Robert Suttie for his
significant contributions to Metallum during his tenure as CFO over
the past nine years.
Relocation of Corporate Office
In conjunction with the appointment of Wade Dawe as Chief Executive Officer, as
announced on April 11, 2016, the
Company has relocated its Corporate Office to Suite 2001 – 1969
Upper Water Street (Purdy's Wharf II), Halifax, Nova Scotia.
About Metallum
Metallum is incorporated under the Business Corporations
Act (Ontario) with its
registered and head office currently being relocated to
Halifax, Nova Scotia.
Metallum has 70,945,009 common shares outstanding and
approximately $6.5 million in cash, a
12% promissory note of $270,000, a
$150,000 receivable and 1,562,500
common shares of OneUp Canada, and no debt.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This
press release includes certain "forward-looking statements" under
applicable Canadian securities legislation. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties, and other factors which may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking statements.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Metallum disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
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.
SOURCE Metallum Resources Inc.