Silver Shield AGM concluded new directors and shares for debt unanimously approved
28 Setembro 2011 - 4:52PM
PR Newswire (Canada)
BURLINGTON, ON, Sept. 29, 2011 /CNW/ - Silver Shield Resources
(SSR-TSXV) is pleased to announce the results of its 2011 AGM held
at its corporate headquarters in Burlington, Ontario. In addition
to the confirmation of N. R . McLeod of North Bay, Ontario to
continue as the company auditor, the new slate of directors and
approval for shares for debt were on the agenda. Adding to
returning "founders" - directors Tim D. Towers (President and
CEO), Stephen Mlot (VP Engineering) and Raymond Lashbrook (VP
Exploration) the board has been strengthened by the addition of
Gregory Boone a noted business executive in the GTA and Venture
Capitalist Brent Purin of New York USA . The new board additions
gives the company a greater business scope and enhanced presence in
the US to aid in additional financings and market awareness for the
company moving forward. Shareholders, realizing the strength of
Silver Shield's corporate plan of developing and acquiring
properties in these difficult times, readily approved the proposal
of offering shares for debt in the amount of 6,746,695 common
shares @ $0.10 to extinguish $ 674,693.54 of debt. The shares for
debt will be with debtor and TSX-V approval which will be pursued
in the next short term as neither has been acquired at this time.
Tim D. Towers commented "We are again thankful for this vote of
confidence by our shareholders. It has been a difficult struggle
and with markets in somewhat of a turmoil we are buoyed by the fact
that we have, among our properties, two former producers in the
Welsh Mine and La Cumbre Mine. The recent excellent news from
both properties and our continuing successful efforts to bring both
along the development trail sets SSR apart from many small
companies. With the shares for debt approved, and hopefully
completed in the next short while ,the balance sheet will be
strengthened allowing us to move forward more
easily. The fact that the shares for debt is expected to be
completed at a market price more than twice our share price
underlies my belief in the severe undervaluation of Silver
Shield in the market." The TSX Venture Exchange has not reviewed
and does not accept responsibility for the adequacy or accuracy of
this news release. Silver Shield Resources Corp. CONTACT: Contact:
Tim Towers, CEO (289)-337-6162Donald Shaxon Corporate Development
(289) 838-5936Email: silvershield@cogeco.net
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