Shares Issued and Outstanding: 54,175,543
TSX-V:
MRZ
OTCPK: MRZLF
VANCOUVER, BC, Oct. 19, 2020 /CNW/ - Mirasol Resources Ltd.
(TSXV: MRZ) (OTCPK: MRZLF) (the "Company" or "Mirasol") announces
today its intention to make a normal course issuer bid (the "Bid")
to purchase for cancellation, from time to time, as it considers
advisable, up to 3,900,000 of its issued and outstanding
common shares (the "Bid Shares"), being approximately 7.2% of the
Company's currently outstanding common shares and approximately
9.93% of the Company's Public Float (as that term is defined in the
policies of the TSX Venture Exchange (the "Exchange").
The Exchange has approved the commencement of the Bid. The Bid
will commence on October 22, 2020, and will
terminate on October 21, 2021, or such earlier time as
the Bid is completed or at the option of the Company. Haywood
Securities Inc. of Vancouver, British
Columbia will conduct the Bid on behalf of the Company.
The Bid will be conducted in accordance with applicable
securities laws and the policies of the Exchange. Purchases
will be made on the open market through the facilities of the
Exchange. The price that the Company will pay for any shares
purchased by it will be the prevailing market price of such common
shares on the Exchange at the time of such purchase. In accordance
with Exchange policies, the Company will include a summary of the
Bid in the management information circular to be mailed to
shareholders of the Company in respect of its next meeting of
shareholders, which mailing is expected to take place in the second
quarter of 2021.
Mr. John Tognetti, a director and
the control person of the Company, is also a director and the
Chairman of Haywood Securities. Mr. Tognetti abstained from voting
as a director of the Company on the engagement of Haywood, and shall not dispose of any shares
of the Company under the Bid.
If the Company should acquire all of the Bid Shares under the
Bid, then, following completion of the Bid, Mr. Tognetti's current
direct and indirect holdings (12,929,300 shares, or 23.87% of the
outstanding common shares) shall be equal to 25.72% of the
50,248,878 common shares outstanding upon completion of the
Bid.
Management and the directors of Mirasol believe that if the
Company acquires all of the Bid Shares under the Bid, following
completion of the Bid there will be a market for shareholders, who
do not tender shares to the Bid, that is not materially less liquid
than the market that existed prior to the Bid.
About Mirasol Resources
Mirasol is a well-funded exploration company focused in
Chile and Argentina. Mirasol has six partner-funded
projects, two with Newcrest Mining Ltd (Chile), and one each with First Quantum
Minerals (Chile), Mine Discovery
Fund (Chile), Mineria Activa
(Chile) and Silver Sands Resources
(Argentina). Mirasol is currently
self-funding exploration at two projects, Inca Gold (Chile) and Sacha
Marcelina (Argentina).
Forward Looking Statements: The information in this news release
contains forward looking statements that are subject to a number of
known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from those anticipated in
our forward-looking statements. Factors that could cause such
differences include: changes in world commodity markets, equity
markets, costs and supply of materials relevant to the mining
industry, change in government and changes to regulations affecting
the mining industry and to policies linked to pandemics, social and
environmental related matters. Although we believe the expectations
reflected in our forward-looking statements are reasonable, results
may vary, and we cannot guarantee future results, levels of
activity, performance or achievements. Mirasol disclaims any
obligations to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise,
except as may be required by applicable 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 Mirasol Resources Ltd.