Southridge Announces Retirement of 200 Million Shares
(firmenpresse) - DALLAS, TX -- (Marketwire) -- 11/17/11 -- 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,
Southridge Investors can access the following Southridge Minerals social media channels:
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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
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Datum: 17.11.2011 - 15:52 Uhr
Sprache: Deutsch
News-ID 88988
Anzahl Zeichen: 0
contact information:
Town:
DALLAS, TX
Kategorie:
Mining & Metals
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