Owner
Post by Franko10 ™ on Aug 31, 2005 7:23:50 GMT -5
ECPN Majority Shareholder to Distribute Shares
8/31/2005 7:00:02 AM
SCOTTSDALE, Ariz., Aug 31, 2005 (BUSINESS WIRE) -- El Capitan Precious Metals, Inc. (ECPN) reports: ECPN announces that it has been advised by Gold & Minerals, Inc. (G&M), the majority shareholder in the Company, that G&M will be distributing approximately 30,322,000 shares of El Capitan Precious Metals, Inc. common stock that it holds. G&M has owned these shares of ECPN since April 2003. The distribution will be made to the 1,475 shareholders of G&M on or before September 2, 2005. Upon completion of the distribution, G&M will no longer be the majority shareholder of El Capitan Precious Metals, Inc. and will own less than 10% of ECPN.
The distributed shares will be subject to some trading restrictions over the twelve (12) month period following the distribution date. Upon the original distribution date, approximately 4,389,000 ECPN shares will be freely tradable. At the end of each three month period from the original distribution date, additional shares will become tradable and all restrictions will be removed one (1) year from the original distribution date. Approximate shares becoming tradable at the three, six and nine month measurement periods are 3,803,000, 2,862,000 and 2,421,000 respectively.
Chuck Mottley, CEO and President of ECPN, states, "We welcome the expanded and diversified investor base of shareholders that the Company will have after the distribution is effected."
El Capitan Precious Metals, Inc. is an exploration stage company that owns a 40% interest in the El Capitan mine located near Capitan, New Mexico, as well as a joint venture and 20% ownership of 13 mining claims and other assets known as the C.O.D. mine located near Kingman, Arizona. In addition, the Company owns contractual rights to the Rainbow Valley mine consisting of 1,660 acres and 100% of the Weaver mine, both near Phoenix, Arizona.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the results of metallurgical testing, the ability to mine precious and other minerals on a cost effective basis, the company's ability to successfully complete contracts for the sale of its iron ore and other products; fluctuations in world market prices for the Company's products; competition from iron ore producers worldwide, which producers have greater resources and more established operations than those of the company; the company's ability to arrange transportation from its mining properties to ocean ports on satisfactory terms; the Company's ability to obtain or maintain regulatory approvals; the company's ability to obtain financing for the commencement of mining activities on satisfactory terms; the Company's ability to obtain necessary financing; and other risks and uncertainties described in the Company's filings from time to time with the Securities and Exchange Commission. The Company disclaims any obligation to update its forward-looking statements.
SOURCE: El Capitan Precious Metals, Inc.
El Capitan Precious Metals, Inc.
Ron Perkins, 480-607-7093
www.elcapitanpmi.com
Copyright Business Wire 2005
8/31/2005 7:00:02 AM
SCOTTSDALE, Ariz., Aug 31, 2005 (BUSINESS WIRE) -- El Capitan Precious Metals, Inc. (ECPN) reports: ECPN announces that it has been advised by Gold & Minerals, Inc. (G&M), the majority shareholder in the Company, that G&M will be distributing approximately 30,322,000 shares of El Capitan Precious Metals, Inc. common stock that it holds. G&M has owned these shares of ECPN since April 2003. The distribution will be made to the 1,475 shareholders of G&M on or before September 2, 2005. Upon completion of the distribution, G&M will no longer be the majority shareholder of El Capitan Precious Metals, Inc. and will own less than 10% of ECPN.
The distributed shares will be subject to some trading restrictions over the twelve (12) month period following the distribution date. Upon the original distribution date, approximately 4,389,000 ECPN shares will be freely tradable. At the end of each three month period from the original distribution date, additional shares will become tradable and all restrictions will be removed one (1) year from the original distribution date. Approximate shares becoming tradable at the three, six and nine month measurement periods are 3,803,000, 2,862,000 and 2,421,000 respectively.
Chuck Mottley, CEO and President of ECPN, states, "We welcome the expanded and diversified investor base of shareholders that the Company will have after the distribution is effected."
El Capitan Precious Metals, Inc. is an exploration stage company that owns a 40% interest in the El Capitan mine located near Capitan, New Mexico, as well as a joint venture and 20% ownership of 13 mining claims and other assets known as the C.O.D. mine located near Kingman, Arizona. In addition, the Company owns contractual rights to the Rainbow Valley mine consisting of 1,660 acres and 100% of the Weaver mine, both near Phoenix, Arizona.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the results of metallurgical testing, the ability to mine precious and other minerals on a cost effective basis, the company's ability to successfully complete contracts for the sale of its iron ore and other products; fluctuations in world market prices for the Company's products; competition from iron ore producers worldwide, which producers have greater resources and more established operations than those of the company; the company's ability to arrange transportation from its mining properties to ocean ports on satisfactory terms; the Company's ability to obtain or maintain regulatory approvals; the company's ability to obtain financing for the commencement of mining activities on satisfactory terms; the Company's ability to obtain necessary financing; and other risks and uncertainties described in the Company's filings from time to time with the Securities and Exchange Commission. The Company disclaims any obligation to update its forward-looking statements.
SOURCE: El Capitan Precious Metals, Inc.
El Capitan Precious Metals, Inc.
Ron Perkins, 480-607-7093
www.elcapitanpmi.com
Copyright Business Wire 2005
