GANDER, NEWFOUNDLAND - September 20, 2013 - Golden Dory Resources Corp.("Golden Dory") wishes to announce that the board of Directors has unanimously approved a share consolidation and name change, pending TSX Venture Exchange approval, to help facilitate advancing the 100% owned Iron Horse Project in the Labrador Trough. The proposed consolidation will see current Golden Dory Resources shareholders receive one new share for every 10 Golden Dory shares. The new company, to be named Sokoman Iron Corp., will trade on the TSX Venture exchange under the ticker symbol SIC, pending approval. The Company will have approximately 12,690,438 million shares issued and outstanding. The Company is also intending to cancel the 10,047,000 currently outstanding employee/director options.
Kevin Keats, President and CEO of Golden Dory stated, "The current market conditions and share price has made it impossible to finance meaningful exploration programs without massive and destructive dilution. This consolidation will allow us to move the project forward by refinancing with an acceptable level of dilution. We also feel that the new name, Sokoman Iron Corp., reflects our focus on Iron Horse and recognizes the significance of the Sokoman Formation, host rocks for much of Labrador's iron ores."
The Iron Horse Property is located in the eastern portion of the prolific Labrador Trough, approximately 10 kilometers south of an all-weather road, 55 kilometers east of the QNS&L Railway line, and 95 kilometers west of the Churchill Falls hydroelectric generating station. The project represents a new, and potentially significant discovery which was drill tested for the first time in 2012. All eight holes intersected significant thicknesses and grades of iron ore highlighted by a 354 meter intercept grading 27.8% Fe. Extensive magnetite rich targets remain to be tested and as well, a recently completed airborne gravity survey has outlined a number of prospective DSO (direct shipping ore) targets.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101. For further information please contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201.
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.
Investors are cautioned that trading in the securities of the Corporation should be considered highly speculative. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Golden Dory will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Golden Dory.
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