RENO, NV - (ACCESSWIRE- 8/27/2013 5:30:00 AM) - General Metals Corporation (OTCQB: GNMT) (http://www.generalmetalscorporation.com/), strategically located in the prolific Battle Mountain Nevada mining district, announced today that it will hold a special meeting of stockholders on Monday, October 21, 2013 at 10:00 a.m. (Pacific time) at The Center for Unique Business Enterprises, 300 East 2nd Street., #1405, Reno, NV, 89501. The delay in this meeting is the result of inquiries by the SEC and we will be filing the response to their inquiries this week. The Meeting is being held to: i) elect five directors to the board; ii) to appoint Ingenium Accounting Associates as independent public accountant; and, iii) approve an up to a 20:1 reverse stock split. The Open Gold Transaction is scheduled for a separate vote once funding is finalized.
The board has fixed the close of business on August 20, 2013 as the record date for determining the stockholders entitled to vote at the Meeting.
Commenting on the upcoming meeting President and CEO Daniel J. Forbush noted, "This meeting is important for our company because it involves authorizing the Board to implement a reverse split of the shares of the Nevada gold mining company if the Board deems it appropriate to increase shareholder value. This step will be critical in unlocking additional value for our shareholders. The reverse stock split is a sound strategic move for the company because it will give us the correct capital base to begin bringing additional assets to General Metals shareholders. The current price levels of the Company's stock preclude certain individual and institutional investors from taking a position in the shares. A reverse split can help remedy this situation and thereby broaden the base of potential investors for us. Additionally it will better enable us to use a significant asset that to this point has been dormant on our balance sheet the approximately $10 million in Net Operating Loss carry-forwards."
Mr. Forbush concluded by saying," It is for these reasons that I, along with all members of the board, recommend that shareholders approve this action as well as the other normal business items being put forward."
With respect to the previously announced Open Gold transaction, Mr. Forbush noted: "Discussions are continuing with Open Gold but we are not ready at this point to ask shareholders to give final approval the transaction. That will only occur when the funding called for in the deal is finally in place,"
About General Metals Corporation
General Metals Corporation (OTCQB: GNMT.OB), http://www.nevada-goldmine.com/, is an aggressive junior mining exploration and development company, based in Reno, Nevada. The company is actively pursuing the re-opening of its Independence gold and silver mining project strategically located in the prolific Battle Mountain Mining District of Nevada.
Cautionary Note to U.S. Investors
The U.S. Securities and Exchange Commission permits U. S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this presentation, such as "measured", "indicated", and "inferred" "resources", which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in General Metal's form 10-K, which may be secured from General Metals or the SEC website at: http://www.sec.gov/.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and in Canadian securities legislation. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that Open Gold will complete the acquisition of the Independence Project or the financing. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
For further information, please contact:
General Metals Corporation
1155 West Fourth Street, Suite 210
Reno, NV 89503
SOURCE: General Metals Corporation
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