West Kirkland Announces Approval of Name Change and Share Consolidation
VANCOUVER, BRITISH COLUMBIA, June 29, 2020 – West Kirkland Mining Inc. (WKM:TSXV) (“West Kirkland” or “Company”) announces that, at the Annual General and Special Meeting of shareholders of the Company (the “Meeting”) held on June 25, 2020, West Kirkland’s shareholders approved the Company’s change of name (the “Name Change”) and consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares (the “Share Consolidation”). The Company’s new name will be “West Vault Mining Inc.”. Significant shareholder support for both the Name Change and Share Consolidation was received, with over 78% of the Company’s issued and outstanding common shares being voted. Approximately 99.68% and 95.64%, respectively, of the common shares voted at the Meeting were in favor of these two resolutions.
The Company's common shares will begin trading under the new name and stock symbol “WVM” on the TSXV on a post-consolidation basis at market open on Thursday, July 2, 2020. The Company's common shares are also expected to begin trading under the new name and stock symbol “WVMDF” on a post-consolidation basis on the OTC Markets.
The Share Consolidation will reduce the number of outstanding common shares from 425,346,309 common shares to approximately 42,534,631 post-consolidation common shares on a non-diluted basis. No fractional shares will be issued, with any fraction of a share 0.5 or greater rounded up to the nearest whole and down to the nearest whole number if less than 0.5 of a share. The number outstanding and exercise price of all of the Company's currently outstanding stock options will also be adjusted to give effect to the Share Consolidation.
No further action on the part of the shareholders will be required in order for the Board to implement the Share Consolidation. Letters of transmittal describing the process by which registered shareholders may obtain new certificates representing their consolidated common shares have been mailed to registered shareholders. Common Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the consolidation ratio through each shareholder's brokerage account. Non-registered shareholders should consult with their broker for further information.
The new ISIN number for the Company’s shares is CA95640X1033. A new website is being designed and when ready will be available at www.westvaultmining.com.
West Kirkland is focused on advancing the Hasbrouck Gold Project in Tonopah, Nevada. The Company owns a 75% interest in, and a 1.1% net smelter return royalty over, the Hasbrouck Gold Project and is working towards completing full permitting for the project’s gold reserves while keeping corporate G&A costs lean and efficient.
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.
On behalf of West Kirkland Mining Inc.
“R. Michael Jones”
Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
R. Michael Jones, Chief Executive Officer
T: (604) 685 8311
Disclaimer for Forward-Looking Information
This press release may contain forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this news release includes, without limitation, discussion of permitting and other statements that are not historical facts. Although West Kirkland believes that such information as set out in this press release is reasonable, it can give no assurance that such expectations and estimates will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, significant increases in any of the machinery, equipment or supplies required to develop and operate a mine, a significant change in the availability or cost of the labor force required to operate a mine, a significant increases in the cost of transportation for the Company’s products, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
Cautionary Note to U.S. Investors Regarding the Use of Mining Terms
This press release has been prepared in accordance with the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resources and reserve estimates reported by the Company are in relation to a 2016 Updated Pre-Feasibility Study and have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”) Industry Guide 7, and resource or reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, “resources” and “reserves” established under NI 43-101 standards may not qualify as “resources” and “reserves” under U.S. standards. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. In addition, under U.S. standards, a “Final” or “Bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. Accordingly, information concerning mineral deposits set forth in this press release may not be comparable with information made public by companies that report in accordance with U.S. standards.