Toronto, Ontario–(Newsfile Corp. – April 23, 2014) – Crown Gold Corporation (TSXV: CWM) (“Crown” or the “Company“) has filed a National Instrument 43-101 technical report entitled “Technical Report on the McKenzie Island Project, Red Lake, Ontario” dated December 30, 2013, and prepared by Scott Franko, an independent qualified person under NI 43-101. The NI 43-101 report is available under the company’s profile on SEDAR.
The date for the Annual and Special Meeting (the “AGM”) of the shareholders of Crown Gold Corporation has also been set for May 29, 2014. Shareholders will be asked to authorize management to change the name of the company to Crown Mining Corp, as well as to elect the directors of the Corporation and to appoint the auditors for the ensuing year.
The Directors of Crown are also proposing a share consolidation on the basis of ten (10) existing common shares for one (1) new common share. Currently, a total of 93,650,000 common shares in the capital of the Crown are issued and outstanding.
Crown’s shareholders will be asked to approve the share consolidation at the AGM. The share consolidation is subject to both shareholder approval and acceptance by the TSX Venture Exchange.
Management believes that the capital restructuring is in the best interests of Crown’s shareholders and is necessary in order to provide Crown with a share capital structure that will allow it to attract capital.
If the consolidation is approved by shareholders and the TSX Venture Exchange, there will be 9,365,000 common shares issued and outstanding following the share consolidation, assuming no other change in the issued capital.
Mr. Stephen Dunn, Chief Executive Officer of Crown, added, “The strategic objective of the Company remains unchanged and that is to advance the Superior Copper Project in California, USA towards production.” Crown has recently received a report on permitting requirements for the project and the Company is preparing budgets for a work program for the coming year. Crown recently reported an initial National Instrument 43-101 (“NI 43-101”) compliant resource estimate, effective October 2, 2013, for its 100% controlled Superior Copper Project. This report is also filed on Sedar.com.
For more information please see the Crown website at www.crowngoldcorp.com.
For Further Information Contact:
Mr. Stephen Dunn, President, CEO and director, Crown Gold Corporation (416) 361-2827 or email [email protected].
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 press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including “will”, “anticipates”, “expected to”, “plans”, “planned” and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company’s management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares of the Company will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.