MONTRÉAL, QUÉBEC--(Marketwired - March 3, 2014) - McWatters Mining Inc. ("McWatters" or the "Corporation") hereby notifies the holders of Class A Preferred Shares in its share capital ("Class A Preferred Shares") that the board of directors of the Corporation has adopted earlier today a resolution pursuant to which the Corporation will redeem all of the Class A Preferred Shares which will be outstanding as of 5:00 p.m. (Montréal time) on March 5, 2014.
As a result, each holder of Class A Preferred Shares of record as of 5:00 p.m. (Montréal time) on March 5, 2014 will be entitled to receive a redemption amount of $0.000535 per share. A cheque will be mailed shortly thereafter by Computershare Investor Services Inc. ("Computershare") to each holder of Class A Preferred Shares entitled to $2.00 or more in the aggregate whose address in the Corporation's records is accurate, without any further action being required from the holder. Holders of Class A Preferred Shares who have not received their cheque before March 31, 2014 should contact Computershare at 1.800.564.6253 in the case of registered holders, or their broker or other intermediary in the case of beneficial holders, in order to claim their entitlement. All funds necessary for the payment of the redemption amounts to the holders of Class A Preferred Shares have already been delivered by the Corporation to Computershare.
All Class A Preferred Shares will be automatically redeemed as of 5:00 p.m. (Montréal time) on March 5, 2014 and, from and after such time, the holders of Class A Preferred Shares will no longer have any rights as shareholders of the Corporation other than to receive the redemption amounts to which they are entitled.
The adoption by the board of directors of the Corporation of the resolution giving effect to the redemption of all Class A Preferred Shares by the Corporation follows the approval by the shareholders of the Corporation, at a special meeting held earlier today, of amendments to the articles of the Corporation which now allow the Corporation to redeem the Class A Preferred Shares at its option and without the consent of the holders thereof.
This news release contains "forward looking information" (as defined in applicable Canadian securities legislation) and "forward looking statements" (as defined in the U.S. Securities Exchange Act of 1934) (forward looking information and forward looking statements being collectively hereinafter referred to as "forward looking information") that are based on expectations, estimates and projections as of the date of this news release. Often, but not always, such forward looking information can be identified by the use of forward looking words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking information in this news release. Examples of such forward looking information in this news release include, but are not limited to, the timing of payments of redemption amounts to holders of Class A Preferred Shares. Actual results are likely to differ, and may differ materially, from those expressed or implied by the forward looking information contained in this news release. Such forward looking information is based on a number of assumptions which may prove to be incorrect. While McWatters anticipates that subsequent events and developments may cause McWatters' views to change, McWatters will not update this forward looking information, except as required by law. This forward looking information should not be relied upon as representing McWatters' views as of any date subsequent to the date of this news release. McWatters has attempted to identify important factors that could cause actual actions, events or results to differ materially from those current expectations described in forward looking information. However, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and that could cause actual actions, events or results to differ materially from current expectations. There can be no assurance that forward looking information 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 information. These factors are not intended to represent a complete list of the factors that could affect McWatters and the redemption contemplated herein.