European Uranium Changes Name To Azarga Metals
EUROPEAN URANIUM RESOURCES LTD. (TSX-V:EUU) (the “Company”) is pleased to announce that further to its news release dated March 1, 2016, the Company has taken the final steps to consolidate its shares on a 10 old for 1 new basis and has changed its name to Azarga Metals Corp. The common shares of the Company will commence trading on a consolidated basis at open of market on Tuesday, May 31, 2016 as Azarga Metals Corp. under the trading symbol AZR.
Registered shareholders will be mailed a letter of transmittal instructing them how to exchange their shares.
On May 31, 2016, the Company will concurrently close, on a post-consolidated basis, the acquisition of 60% of the Unkur Copper-Silver Project in eastern Russia, the concurrent private placement raising $2 million and finally the settlement of related party debt (the “Transactions”) all as announced on March 1, 2016. Alexander Molyneux and Vladimir Pakhomov will join Michael Hopley and Dorian (Dusty) Nicol on the Board of the Company to fill the vacancies created by the agreed upon resignations of David Montgomery and David (Sam) Hutchins.
The following table sets out the share structure for the Company after all of the Transactions are completed.
|Number of common shares|
|Existing common shares on issue||65,942,653|
|Common shares post 10:1 consolidation||6,594,265|
|New shares to be issued May 31, 2016:|
|- Unkur Acquisition (to Selling Shareholders)||15,776,181|
|- Private Placement||20,000,000|
|- Finder’s fee on private placement||32,500|
|- Settlement of existing EUU debts||577,572|
|Total post-transactions common shares||42,980,518|
All of the common shares to be issued May 31, 2016, will be subject to a hold period in Canada expiring on October 1, 2016 and the shares to be issued to the Selling Shareholders will be subject to an additional twenty months so that the 15,776,181 shares will not be able to be traded until May 31, 2018 at the earliest.
EUROPEAN URANIUM RESOURCES LTD.
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Doris Meyer, at (604) 536-2711 ext 6, or visit www.euresources.com.
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.
This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur and include, without limitation, statements regarding the Company’s plans with respect to statements about the Company’s ability to fund and execute the proven ore processing business model outlined in this news release. 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 may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.