May 3, 2012
Logan Resources Ltd. (TSX-V: LGR) (“Logan”) announces that it will hold a special meeting of shareholders on May 29, 2012 (the “Meeting”), to approve a proposed consolidation of its issued and fully paid common shares (the “Common Shares”).
Logan will be seeking shareholder approval to authorize, ratify and approve the implementation by Logan’s Board of Directors of a consolidation of all of the Company’s Common Shares on a ratio to be determined by the board of directors of Logan but, in any event, not to exceed four (4) pre-consolidation Common Shares for every one (1) post-consolidation Common Share (the “Consolidation”). The Company currently has 20,072,037 Common Shares outstanding, and options to acquire 400,000 Common Shares, issued and outstanding. After giving effect to the proposed Consolidation there will be 5,018,009 Common Shares, and options to acquire 100,000 Common Shares, issued and outstanding.
The Consolidation is being proposed in order to allow Logan greater flexibility in future corporate activities. Logan reserves the option of not proceeding with the proposed Consolidation.
The proposed Consolidation is subject to shareholder approval, and documentation in support being accepted for filing by the TSX Venture Exchange. There is no change in the Logan’s name proposed in conjunction with the proposed Consolidation.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing Canadian mineral properties. Logan has a diversified portfolio of precious metal, base metal and uranium projects. For more information on the property portfolio and Logan, please visit www.loganresources.ca.
LOGAN RESOURCES LTD.
On behalf of the Board
President & CEO
For further information regarding this press release, please contact:
Konstantine Tsakumis, Investor Relations
T: 604-681-8030 x 232
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. Forward-looking statements in this document include statements about the exploration of Logan’s properties and the completion of the Consolidation. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Logan undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.