TSXV:
AWM
WWW.ANGELWINGMETALS.COM
TORONTO, May 24, 2023
/CNW/ - Angel Wing Metals Inc. (TSXV: AWM) ("Angel Wing
Metals" or the "Company") announces its proposal to
consolidate the Common Shares of the Company (the "Consolidation")
on the basis of one (1) post-consolidation Common Share for every
two (2) pre-consolidation Common Shares to be voted on by the
Shareholders at the Company's Annual General and Special Meeting to
be held on June 29, 2023.
The Company currently has 134,505,817 Common Shares issued and
outstanding. After the proposed Consolidation the Company will
have approximately 67,252,908 Common Shares issued and outstanding.
No fractional shares are to be issued under the consolidation and
any fraction will be rounded down to the nearest whole number.
Outstanding options and warrants will be similarly adjusted.
The Consolidation is being proposed by the Company's Board of
Directors in order to provide the Company with increased
flexibility to facilitate future financing and business development
activities.
The Consolidation is subject to a favourable vote at the Company
upcoming Annual General and Special Meeting of Shareholders and the
approval of the TSX Venture Exchange. The Company will not change
its name or ticker symbol as part of the Consolidation however,
consolidated shares will be assigned a new CUSIP number.
ABOUT ANGEL WING METALS
Angel Wing Metals (TSXV: AWM) is focused on the exploration and
development of its portfolio of precious metals properties in
Mexico and Canada. The Company's flagship El Grande
Project covers 655km2 in the southern extension of the
prolific Sierra Madre Occidental gold-silver belt in the state of
Nayarit, Mexico and demonstrates
significant gold and silver mineralization.
Angel Wing Metals is committed to sustainable and responsible
exploration and business activities in line with industry best
practices, supportive of all stakeholders, including the local
communities in which the Company operates.
For more information, please visit the Company's website at
www.angelwingmetals.com.
ON BEHALF OF THE BOARD OF ANGEL WING METALS INC.
Marc Prefontaine
President & CEO
Email: mprefontaine@angelwingmetals.com
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.
Forward-Looking Information: This news
release contains "forward-looking information" within the meaning
of applicable Canadian securities legislation. All statements,
other than statements of historical fact, included herein are
forward-looking information. Generally, forward-looking information
may be identified by the use of forward-looking terminology such as
"plans", " expects" or "does not expect", "proposed", "is
expected", "budgets", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases, or by the use of words or
phrases which state that certain actions, events or results may,
could, would, or might occur or be achieved. In particular, this
news release contains forward-looking information regarding: the
Consolidation, approval of Shareholders and the TSXV of the
Consolidation, the Company proceeding with the Consolidation and
its potential to increase in the market price per Common Share or
improved liquidity. There can be no assurance
that such forward-looking information will prove to be accurate,
and actual results and future events could differ materially
from those anticipated in such forward-looking information. This
forward-looking information reflects Angel Wing Metals' current
beliefs and is based on information currently available to Angel
Wing Metals and on assumptions Angel Wing Metals believes are
reasonable. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance, or achievements of
Angel Wing Metals to be materially different from those expressed
or implied by such forward-looking information. Such risks and
other factors may include, but are not limited to: general
business, economic, competitive, political and social
uncertainties; general capital market conditions and market prices
for securities; delay or failure to receive board or regulatory
approvals; the actual results of future operations; competition;
changes in legislation, including environmental legislation,
affecting Angel Wing Metals; the timing and availability of
external financing on acceptable terms; and lack of qualified,
skilled labor or loss of key individuals. A description of
additional assumptions used to develop such forward-looking
information and a description of additional risk factors that may
cause actual results to differ materially from forward- looking
information can be found in Angel Wing Metals' disclosure documents
on the SEDAR website at www.sedar.com. Although Angel Wing Metals
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. Readers
are cautioned that the foregoing list of factors is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking information as there can be no assurance that the
plans, intentions, or expectations upon which they are placed will
occur. Forward-looking information contained in this news release
is expressly qualified by this cautionary statement. The
forward-looking information contained in this news release
represents the expectations of Angel Wing Metals as of the date of
this news release and, accordingly, is subject to change after such
date. However, Angel Wing Metals expressly disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities law.
SOURCE Angel Wing Metals Inc.