CALGARY, AB / ACCESSWIRE / April 13, 2016 / Silver Mountain Mines Inc. (TSXV: SMM) ("Silver Mountain" or the "Company") is pleased to provide an update to its shareholders on the Company's Annual and Special Meeting results and corporate matters.
The Company is pleased to announce that on April 5th, 2016 SMM held its annual and special meeting of shareholders (the "Meeting"). A total of 19,617,000 common shares ("Shares") (approximately 40.66% of the outstanding Shares) were represented at the Meeting in person or by proxy. All current directors of Silver Mountain were re-elected for the term or until their successors are elected or appointed, the auditors of the Company were also re-elected. Finally, over 97% of the Shares voted passed the special resolutions brought forward including a Share consolidation, Company name change, and expansion of business.
With current economic and financial uncertainties in the resource sector, Silver Mountain is a publicly traded company that has embarked on transforming itself into a diversified holding company to take advantage of global business opportunities.
Under the new business plan, current shareholders will continue to own 100% in Silver Mountain's Ptarmigan silver project and will also be able to participate in the diversification of the Company's business going forward. All necessary paperwork will be filed with respective governing bodies concurrent with signing a definitive agreement.
"We take great pride in our business and believe in the need to be flexible and adapt a new growth strategy in response to current market conditions. This approach better reflects the Company's growth potential and I anticipate that these changes will attract the interest of new investors and opportunities as we move into the next phase of our company's development" says Steve Konopelky, President & CEO.
As part of our overall strategy to add value to the Company, the leadership team is reviewing several business opportunities within various sectors. The Company's focus is to look at cash flowing companies and/or assets by way of purchasing all or a participating interest in assets (either in one transaction or more), a merger, recapitalization, amalgamation or any combination thereof. There are no assurances that a transaction will be undertaken or if a transaction is undertaken, as to its terms or timing.
I would like to thank our shareholders for their continued support and look forward to creating additional shareholder value through these new opportunities as we continue to move forward.
SILVER MOUNTAIN MINES INC. (TSXV: SMM)
ON BEHALF OF THE BOARD
Steve Konopelky, President and CEO
For further information on Silver Mountain Mines Inc. please visit the Company's website http://www.silvermountainmines.com and SEDAR (www.sedar.com) or contact Mr. Steve Konopelky, President & CEO of the Company. (403-229-9140)
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of potential changes to the Company's business focus, name and possible transactions, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions and factors that could cause actual results to differ materially from those in forward looking statements the Company. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. Neither the TSX-Venture Exchange nor its Regulation Services Provider, as per the term defined in the policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of the release.
SOURCE: Silver Mountain Mines Inc.