Plexmar Announces That It Has Obtained Full Revocation of Cease Trade Orders Issued in Quebec, Ontario and British Columbia
October 02 2012 - 8:04PM
Marketwired
Plexmar Resources Inc. (TSX VENTURE:PLE) ("Plexmar") announces that
it has obtained, as of October 2, 2012, from the Autorite des
marches financiers, the Ontario Securities Commission and the
British Columbia Securities Commission a full revocation of the
cease trade orders issued by these securities regulatory
authorities. The revocation order was applied for by Plexmar
following the preparation and filing of its annual audited
Financial Statements for the year ended December 31, 2011 as well
as the corresponding management's discussion and analysis and
certificates required by the securities regulations.
In connection with its application for revocation of the cease
trade orders, Plexmar has undertaken to hold an annual meeting of
its shareholders within the next three months. Currently, an annual
and special meeting of Plexmar's shareholders is scheduled for
October 29, 2012.
Plexmar's future plans are to complete the transaction
previously announced on September 18, 2012 pursuant to which Dia
Bras Exploration Inc. ("Dia Bras") will acquire all of the issued
and outstanding common shares of Plexmar, at a price of $0.01 per
common share subject to adjustment in accordance with the
arrangement agreement between Plexmar and Dia Bras dated September
18, 2012, by way of a statutory plan of arrangement under the
Business Corporations Act (Ontario) (the "Arrangement"), and all
outstanding warrants and options to acquire common shares of
Plexmar will be cancelled for no consideration.
Upon the completion of the Arrangement, Dia Bras will have
acquired all of the issued and outstanding common shares of Plexmar
and Plexmar will become a wholly-owned subsidiary of Dia Bras.
Plexmar's common shares are expected to be de-listed from the TSX
Venture Exchange promptly following the effective date of the
Arrangement. Plexmar will also seek to be deemed to have ceased to
be a reporting issuer under the securities laws of each of the
provinces of Canada where it is a reporting issuer following the
completion of the Arrangement.
About Plexmar
Plexmar is a Canadian exploration company focused on acquiring,
exploring and developing gold mineral properties. Its main asset is
Bolsa del Diablo, a gold project in northern Peru, which covers an
area of nearly 22,000 ha and is located near the border with
Ecuador. In total, Plexmar owns 100% of 39 concessions and has the
right to acquire 100% of 1 more concession through an option
agreement.
Additionally, Plexmar owns the Malin Plant located 125 km
northeast of Trujillo in northern Peru. The current capacity of the
Malin Plant is 125 tpd with plans to expand the total treatment
capacity (polymetallic-flotation and gold) to 200 tpd in 2012.
FORWARD-LOOKING STATEMENTS
This press release includes certain statements that may be
deemed "forward-looking statements". All statements in this
release, other than statements of historical facts, that address
future exploration drilling, exploration activities and events or
developments that the Company expects, are forward looking
statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
Contacts: Guy Bedard, President 418-658-6776