VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 29, 2014) - Camino Minerals Corporation (TSX VENTURE:COR) ("Camino" or the "Company") announces that its shareholders will be asked to approve a consolidation of the Company's common shares on a ten (10) old common shares for one (1) new common share basis (the "Share Consolidation") at a special meeting of the shareholders of the Company (the "Special Meeting") to be held on May 29, 2014. If approved by the shareholders, the Company's board of directors will have the ability to implement the Share Consolidation. The Company currently has an aggregate of 96,265,432 common shares issued and outstanding. The Share Consolidation, as proposed and if effected today, would reduce the outstanding common shares to 9,626,543 common shares.
The board of directors believes that the Share Consolidation is in the best interests of the Company and is recommending that shareholders vote in favour of the Share Consolidation in order to: (i) increase the common share price to meet the $0.05 TSX Venture Exchange minimum per share price for a financing; (ii) reduce the number and increase the price of the common shares making them more valuable to vendors of mineral properties in connection with a potential property acquisition agreement; and (iii) increase the common share price to a level which may meet investing guidelines for certain institutional investors and investment funds as well as making changes in the price level of the common shares less volatile on a percentage basis.
The Share Consolidation is subject to both the approval of the shareholders at the Special Meeting and that of the TSX Venture Exchange. The Company will not be changing its name in conjunction with the Share Consolidation.
Additional information regarding the Share Consolidation will be available in the Company's information circular. The information circular will be mailed to shareholders in connection with the Special Meeting and will also be available on SEDAR at www.sedar.com
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company formed in connection with Goldcorp's C$300-million acquisition of Canplats Resources Corp. The Company is led by Canplats' former management and is focused on precious and base metal projects located in Mexico. For more information on Camino's projects, please refer to Camino's website at www.caminominerals.com
To receive Camino's news releases, contact Blaine Monaghan, V.P., Corporate Development, at firstname.lastname@example.org or (866) 338-0047.
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.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical fact are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and forward-looking information under the provisions of Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the company's ability to raise sufficient capital to fund exploration, changes in economic conditions or financial markets, changes in prices for the company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labour relations matters, and changing foreign exchange rates, all of which are described more fully in Camino's filings on SEDAR. The company undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.