Goldeye Explorations Limited

Goldeye Explorations Limited

June 19, 2012 18:55 ET

Goldeye Reschedules Annual and Special Meeting to July 4, 2012

TORONTO, ONTARIO--(Marketwire - June 19, 2012) - Goldeye Explorations Limited (TSX VENTURE:GGY) (the "Company" or "Goldeye") wishes to announce that its Annual and Special Meeting of Shareholders (the "Meeting") scheduled for Wednesday, June 20, 2012 has been changed to Wednesday, July 4, 2012. At the Meeting, in addition to the election of directors and appointment of auditors for the ensuing year, the Company will be seeking shareholder approval to consolidate the outstanding capital of the Company on the basis of one (1) post-consolidation common share for every ten (10) outstanding common shares (the "Share Consolidation"). There are currently 190,196,458 (237,128,958 fully-diluted) common shares outstanding. If approved, following the Share Consolidation, there will be 19,019,645 (23,712,895 fully-diluted) post-consolidation common shares outstanding.

The Board of Directors believes that it is in the best interests of the Company to reduce the number of outstanding common shares by way of the Share Consolidation. The potential benefits of the Share Consolidation include:

• Greater investor interest - a higher post-consolidation common share price could help generate interest in the Company among investors, as a higher anticipated common share price may meet investing guidelines for certain institutional investors and investment funds that may be prevented under their investing guidelines from investing in the common shares at current price;

• Improved trading liquidity - an increased interest from investors may ultimately improve the trading liquidity of the Company's common shares; and

• Raise additional capital at a higher price per share - the higher anticipated price of the post-consolidation common shares will allow the Company to raise additional capital through the sale of additional common shares at a higher price per common share than would be possible in the absence of the Share Consolidation.

If required as part of the Share Consolidation, the Company will be seeking shareholder approval to change the name of the Company to such minimally different name as may be required and acceptable to comply with any technical regulatory requirements. The Company intends to keep "Goldeye" as the main component of the name. The Share Consolidation and the change of name are subject to approval by the shareholders of the Company representing at least two-thirds of the shares voted at the Meeting and are subject to regulatory approval, including approval of the TSX Venture Exchange.

Further particulars are contained in the Information Circular which was mailed to shareholders in connection with the Meeting and filed on SEDAR.


Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining. In Canada, Goldeye holds a 24.5 % interest in the Todd Property in British Columbia, a 100 % interest in the Tyrrell main block, Gold Rock and Sandy Lake properties in Ontario and a 40 % interest in the Juby JV with Temex Resources Corp. In Chile, Goldeye owns 100 % of the Sonia-Puma property located 180 km north of Santiago.

On behalf of the board of directors of Goldeye Explorations Limited

Jorma Hannila, Chief Executive Officer

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements include our belief in the future possible benefits resulting from the Share Consolidation including possible greater investor interest, possible improved trading liquidity, and the potential to raise additional capital at a higher price per share. These reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties occur, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such 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.

Contact Information

  • Goldeye Explorations Limited
    Blaine Webster

    Goldeye Explorations Limited
    Jorma Hannila
    905-886-2538 or 416-970-3324