Nov. 6, 2012
/PRNewswire/ - Anglo Swiss Resources Inc. (ASW: TSX-V, ASWRF: PK) ("
" or the
") announces its Annual General and Special Meeting of Shareholders (the "Meeting") will be held on
November 30, 2012
. At the Meeting, in addition to the election of directors and appointment of auditors for the ensuing year, shareholders will be asked to approve a consolidation of the Company's issued and outstanding common shares at a ratio of up to five (5) to one (1). The Company currently has an aggregate of 184,656,900 common shares issued and outstanding. If the share consolidation were undertaken at the ratio of 5 to 1, the issued and outstanding common shares would be approximately 36,931,380. The Company also intends to change its name in connection with the proposed share consolidation to "Golden Libra Minerals Inc." or any other name deemed appropriate by the board of directors.
The Company's board of directors are seeking shareholder approval for a share consolidation to better position the Company to finance future exploration activities. The board of directors believe that the existing share structure may not be conducive to completing additional equity financings, particularly given the present difficult market conditions for junior exploration companies, and that a combination of a consolidation of shares and a new strategic acquisition will markedly improve the Company's ability to grow and raise capital. The Company plans to focus on optimizing value for its current properties and to use its extensive industry experience to identify and acquire new opportunities it believes will regenerate market interest in the Company.
The proposed consolidation and name change are subject to shareholder approval and acceptance for filing by the TSX Venture Exchange and any other regulatory body having jurisdiction. Additional information regarding the proposed consolidation is provided in the management information circular for the meeting. The information circular and other materials relating to the meeting have been mailed to registered shareholders and filed on SEDAR.