Aura Silver Resources (TSX-V:AUU) ("Aura" or the "Company") announces that, at the Special Meeting of shareholders of the Company held on November 15, 2018, Aura's shareholders approved the previously announced name change and consolidation of the issued and outstanding common shares of the Company on the basis of one (1) post-consolidation common share for every five (5) pre-consolidation common shares (the "Consolidation"). The Company's new name will be "Aura Resources Inc.". Significant shareholder support for both the name change and Consolidation was received with approximately 99.4% and 95.5%, respectively, of the shares voted at the Special Meeting in favor of these resolutions.
The Company has received approval of the TSX Venture Exchange ("TSXV") for the name change and Consolidation. The Company's common shares will begin trading under the new name on the TSXV on a post-consolidated basis at market open on Friday, November 30, 2018. The Company will continue to trade under the symbol "AUU" on the TSXV. It is expected that the Consolidation will reduce the number of outstanding common shares from 137,450,558 common shares to approximately 27,490,112 post-consolidation common shares on a non-diluted basis. No fractional shares will be issued with any fraction of a share rounded up to the nearest whole number if 0.5 or greater and down to the nearest whole number if less than 0.5 of a share.
The number outstanding and exercise price of all of the Company's currently outstanding convertible securities, including warrants, compensation options and stock options will also be adjusted to give effect to the Consolidation.
No further action on the part of the shareholders will be required in order for the Board to implement the Consolidation. Letters of transmittal describing the process by which registered shareholders may obtain new certificates representing their consolidated common shares were mailed to registered shareholders with the materials for the Special Meeting. Common Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the consolidation ratio through each shareholder's brokerage account. Non-registered shareholders should consult with their broker for further information.
Aura is a TSX Venture Exchange listed company engaged in the acquisition, exploration and development of precious metal prospects in North America including: in Nunavut, Canada (45.17% interest in the Greyhound project under operation by our partner, Agnico Eagle); in Oaxaca, Mexico (100% owned Taviche project); and, in Arizona, USA (the Gold Chain project subject to option to earn a 100% interest). Aura expects to have approximately 27,490,112 common shares outstanding upon completion of the Consolidation.
For further information regarding this press release contact: Robert Johansing, President and CEO at (805) 455-4775 or by e-mail at firstname.lastname@example.org. Aura's web site is located at www.aurasilver.com.
This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, share consolidation, the private placement financing activities of the Company, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. Aura does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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.