Tickers: XTSX:GOD
Tags: Mining
Vancouver, British Columbia / TheNewswire / September 25, 2015 - Goldrush Resources Ltd. (TSX-V: GOD) ("Goldrush" or the "Company") is pleased to provide an update on its activities and corporate affairs.
The Company continues to hold six exploration permits totaling 684 square kilometres in Burkina Faso, West Africa. The Company is in active negotiations to sell one or more of the permits to an arms length third party. The Company does not intend to perform substantive exploration activities on its permits until stability has returned to both the Burkina Faso political situation and the price of gold.
Company Management has been actively reviewing a number of project and business proposals to deploy the Company's $3,500,000 treasury. To date, Management has performed due diligence reviews on over 85 project and business submissions and has signed eight confidentiality agreements. None of the projects reviewed to date has met all of Management's criteria for an acquisition that will substantially enhance shareholder value and Management continues to seek a significant acquisition.
Annual and Special General Meeting of Shareholders to be held October 26, 2015
The Company is pleased to announce that the Annual and Special General Meeting of Shareholders will be held on Monday, October 26, 2015 at 10:00 AM PDT at the Company's head office in Vancouver, B.C.
At the Annual and Special Meeting of Shareholders, Management of the Company will be requesting shareholder approval for, among other things, a Special Resolution to approve a consolidation of the common shares of the Company in order to make the Company's shares more attractive to investors in any future financing which may be undertaken by the Company.
While the Company's immediate financing needs will be met its $3,500,000 treasury, there is no guarantee that the current treasury will be sufficient to meet the future cash requirements of the Company in the event of a major transaction. In order to provide the Company with the greatest chance of attracting new financing, the Directors would like shareholder approval to consolidate the Company's common shares on a 5:1 to 8:1 basis at the Directors' sole discretion. The Company currently has an issued and outstanding share capital of 167,378,632 common shares. If the shares were to be consolidated on a 5 old for 1 new basis, there would then be 33,475,726 common shares issued and outstanding. If the shares were consolidated on an 8 old for 1 new basis, there would then be 20,922,329 common shares issued and outstanding. There are no plans to change the name of the Company.
The Directors are seeking shareholder approval to the share consolidation at this time in order to save the cost of holding a separate special shareholders' meeting in the future. Any share consolidation is subject to both shareholder approval and TSX Venture Exchange acceptance.
About Goldrush:
Goldrush is a well-funded, successful Canadian mineral exploration company focused on gold exploration, with a treasury of over CDN$3,500,000.
Mr. Driffield Cameron, P.Geo., Director of Goldrush, is the Qualified Person for this news release within the meaning of Canadian Securities Administrators' National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the technical information contained herein.
For further information on Goldrush Resources Ltd., shareholders and other interested parties are invited to visit the Company's website at www.goldrushresources.ca .
ON BEHALF OF THE BOARD OF DIRECTORS,
GOLDRUSH RESOURCES LTD.
" Len Brownlie "
Len Brownlie - President and Chief Executive Officer
Contact Information:
Len Brownlie, President and CEO: [email protected]
1-604-602-9973
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to future acquisitions, exploration and development. Forward-looking statements in this release including statements regarding the Company's future plans and the funds available to it are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include uncertainties relating to the release of the funds held in escrow, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.