Southridge Announces Retirement of 200 Million Shares
November 17 2011 - 10:52AM
Marketwired
Southridge Minerals, Inc. (PINKSHEETS: SRGE) ("Southridge" or the
"Company") is pleased to announce it has completed the repurchase
of two hundred million (200,000,000) shares, which have now been
cancelled and returned back to the Company treasury. This
transaction represents a reduction of approximately 21% of the
Company's issued and outstanding common shares.
Michael Davies, the Company's President, commented, "The Buyback
Program is intended to increase future earnings per share by
reducing the number of shares outstanding and allow our share price
to more accurately represent the quality and profit potential of
our assets and operations to the investment community. This is a
very encouraging start and we are continuing to focus our efforts
to expand the Buyback Program."
As previously announced on November 08, 2011, the acquisitions
of stock under the repurchase plan will be made from time to time
as permitted by securities laws and corporate legal requirements
and subject to market conditions and other factors. Share purchases
will be funded by the Company's cash and through debt financing.
The repurchase plan will continue as long as periodic management
reviews deem it to be fiscally feasible and the plan may be
discontinued at any time.
For further information on the Company's Gold and Silver
projects, visit our website, http://www.southridgeminerals.com
Southridge Investors can access the following Southridge
Minerals social media channels:
Facebook:
(http://www.facebook.com/pages/Southridge-Minerals-Inc/163457600376466)
Twitter: (http://twitter.com/SouthridgeSRGE)
YouTube Cinco Minas Mexico Project:
(http://youtu.be/R6P8oght4Ik) (http://youtu.be/o2LfLaSu8ww)
About Southridge Minerals, Inc. (PINKSHEETS: SRGE) Southridge
Minerals, Inc. is a U.S.-based mineral exploration company
dedicated to acquiring and developing mineral resources in
geologically permissible and politically stable areas of the world.
The Company seeks out early stage opportunities with good
mineralization indicators that exhibit significant blue-sky
potential. Southridge pursues and advances these projects that are
or will be of interest to mid-size and major producers. By forming
alliances on individual projects, the Company expects to develop
its interests in mines operated by its partners, allowing it to
continue to build value through continued exploration. Southridge
is currently focused on projects in Mexico.
What sets Southridge apart is its vast experience in Mexico and
the knowledge of the geological conditions and formations
pertaining to known large gold deposits that have received very
little attention to date. This comparative advantage, combined with
a specific geographical and mineral focus, will allow for more
efficient asset and income growth in the future for the benefit of
shareholders' investments.
Forward-Looking Statements Although the Company believes that
the forward-looking statement of beliefs, plans, expectations, and
intentions contained in this press release are reasonable, there
can be no assurance those beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consider all
of the information set forth herein and should also refer to the
risk factors disclosed in the Company's published current and
periodic reports.
Michael Davies President Tel. (214) 699-6255 Email: Email
Contact http://www.southridgeminerals.com
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