Fairmile Announces AGM
FAIRMILE GOLD CORPORATION
For Immediate Release
May 2, 2000
CDNX: FLA
Fairmile Announces AGM
Vancouver, BC: Fairmile Gold Corporation announces that its Annual General Meeting (AGM) is scheduled for May 26, 2000, at which the Company will seek shareholder approval for all required transactions and for a number of potential re-organizational steps that may be required to ensure the future development of the Company.
Due to the difficult market conditions for junior resource issuers, management of the Company has been unable to raise sufficient funding to undertake further significant exploration and development work on its mineral properties. Consequently, management believes that it may become necessary to consolidate the share capital of the Company in order to enhance the Company's ability to attract further financing. To cover this contingency should current market conditions persist, shareholders will be asked to approve Special Resolutions to consolidate the Company's issued and un-issued share capital on a basis of up to one new share for ten old shares, subject to Canadian Venture Exchange acceptance. The Company presently has 25,288,680 common shares issued and outstanding, which would become 2,528,868 common shares should the consolidation proceed at the 10:1 ratio. Additionally, in conjunction with the proposed share consolidation, there will be a name change to one selected by the Board of Directors, subject to acceptance and approval by the Canadian Venture Exchange.
The Special Resolutions, if approved, will also provide the Board of Directors with discretionary authority as to reducing the consolidation ratio and the timing of implementation, if at all, of any consolidation.
To obtain more information about Fairmile, visit our Web Site at fairmile.com or contact Investor Relations at 1-604-257-4254.
On Behalf of the Board of Directors,
"Joseph Anthony Kizis, Jr."
Joseph Anthony Kizis, Jr., President and CEO
The Canadian Venture Exchange has neither approved nor disapproved the information contained herein. |
