Cream Minerals Announces Results of Annual General and Special Meeting
30 September 2013 - 11:30PM
Marketwired Canada
Cream Minerals Ltd. (TSX VENTURE:CMA) (OTCQB:CRMXF) (FRANKFURT:DFL) ("Cream" or
the "Company") is pleased to announce the results of the Company's annual
general and special meeting of shareholders held on September 27, 2013 (the
"AGM") as follows:
-- The number of directors of the Company was fixed at three (3) and Ronald
Lang, Benjamin Ainsworth and Dr. Darryl Drummond were elected as
directors (the "New Board");
-- Morgan & Company, Chartered Accountants, were re-appointed as the
Company's auditor;
-- The shareholders approved an amendment to the Company's Stock Option
Plan (the "Plan") changing the Plan from a "rolling 10%" stock option
plan to a fixed number plan providing for a maximum of 2,723,500 common
shares of the Company (on a post-consolidation basis, as discussed
below) that may be reserved for issuance pursuant to the grant of all
stock options under the Plan; and
-- By majority vote of the disinterested shareholders represented at the
AGM, the shareholders approved of Frank Lang as a new "Control Person"
of the Company in anticipation of his proposed participation in the
Company's non-brokered private placement as previously announced on
August 29, 2013 (the "Private Placement").
The election of the New Board comprises a part of the Company's proposed
reorganization as previously announced on August 29, 2013 (the
"Reorganization"), which includes the change of the Company's name from "Cream
Minerals Ltd." to "Agave Silver Corp." (the "Name Change"), and the
consolidation of the Company's issued and outstanding common shares on a ten
(10) for one (1) basis (the "Share Consolidation").
The Company has received conditional approval from the TSX Venture Exchange to
complete the Reorganization and the Private Placement. The Company anticipates
completing the Reorganization on or about October 3, 2013 and completing the
Private Placement on or about October 4, 2013. Upon completion of the
Reorganization, the Company's trading symbol will be changed to "AGV" and the
new CUSIP number for the Company's common shares will be 008427106.
Computershare Investor Services Inc. will remain as the Company's transfer agent
and registrar.
Following the Reorganization, Michael O'Connor will step down as President and
CEO of the Company, Ronald Lang will be appointed as new President and CEO and
Dr. Darryl Drummond will act as lead director in accordance with Canadian
securities law best practices. Angela Yap, CFO, will remain with the Company.
Ronald Lang, director and proposed new CEO and President, states, "With the
proposed financing and corporate reorganization, the Company will be able to
refocus its initiatives to continue exploring and developing its silver
properties in Mexico and North America in order to meet the future challenges
that lie ahead."
About Cream
Cream Minerals is a mineral exploration company. To learn more about Cream
Minerals please click here www.creamminerals.com
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 release.
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking
statements" (collectively, "forward-looking information") within the meaning of
applicable securities laws. Forward-looking information is generally
identifiable by use of the words "believes," "may," "plans," "will,"
"anticipates," "intends," "could", "estimates", "expects", "forecasts",
"projects" and similar expressions, and the negative of such expressions.
Forward-looking information in this news release include statements about the
proposed Private Placement, proposed management restructuring and the Company's
future plans, objectives and business strategy.
In connection with the forward-looking information contained in this news
release, the Company has made numerous assumptions, regarding, among other
things, the assumption that the Company will complete the Private Placement and
Reorganization; the receipt of necessary final regulatory approvals; and the
assumption the Company will continue as a going concern and will continue to be
able to access the capital required to advance its projects and continue
operations. While the Company considers these assumptions to be reasonable,
these assumptions are inherently subject to significant uncertainties and
contingencies. In addition, there are known and unknown risk factors which could
cause the Company's actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or
implied by the forward-looking information contained herein. Known risk factors
include, among others: the proposed Reorganization and Frank Lang's
participation in the Private Placement may not receive the required final
regulatory approvals; the possibility that the Private Placement and
Reorganization will not be completed at all; and the possibility that the
Company may not be able to continue as a going concern in the near term.
A more complete discussion of the risks and uncertainties facing the Company is
disclosed in the Company's continuous disclosure filings with Canadian
securities regulatory authorities at www.sedar.com. All forward-looking
information herein is qualified in its entirety by this cautionary statement,
and the Company disclaims any obligation to revise or update any such
forward-looking information or to publicly announce the result of any revisions
to any of the forward-looking information contained herein to reflect future
results, events or developments, except as required by law
U.S. 20-F Registration: 000-2987
FOR FURTHER INFORMATION PLEASE CONTACT:
Cream Minerals Ltd.
Ronald Lang
Director, incoming President and CEO
(604) 687-4622 or Toll Free: 1-888-267-1400
(604) 687-4212 (FAX)
info@creamminerals.com
www.creamminerals.com
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