Citadel Gold Mines Inc. announces redemption of preferred shares

About this update from Omai Gold Mines Corp.

[{"type":"text","content":"\n\n\n\n/NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES/\n\n\nTORONTO, July 29 /CNW/ - CITADEL GOLD MINES INC. (CGM.H: NEX Exchange).\n\n\nCitadel Gold Mines Inc. (the "Company") announces that, subject to NEX\nExchange approval, it intends to redeem all of its outstanding First Preferred\nShares, Series II on July 31, 2008 (the "Redemption"), which shares are\nindirectly owned by Dr. Bernard C. Sherman, a principal shareholder and\nrelated party to the Company.\n\n\nThe aggregate redemption purchase price of $241,734 to be paid to Dr.\nSherman will be funded by the issuance of 2,544,568 common shares of the\nCompany.\n\n\nFollowing completion of the Redemption, Dr. Sherman will control,\ndirectly and indirectly, approximately 59.5% of the Company.\n\n\nThe terms of the Redemption were negotiated between the Company and Dr.\nSherman and were approved by the board of directors, who determined that the\ntiming and terms of the Redemption are in the interest of the Company and\nreasonable in the circumstances.\n\n\nThe NEX Exchange has neither approved nor disapproved of the information\ncontained herein. The statements used in this press release may contain\nforward-looking statements that may involve a number of risks and\nuncertainties. These statements reflect management's current expectations\nregarding future events and speak only as of the date of this press release.\nAlthough the Company believes that its expectations reflected in these\nforward-looking statements are reasonable, such statements involve risks and\nuncertainties and no assurance can be given that actual events or results will\nbe consistent with these forward-looking statements. Except as required by\nlaw, the Company does not undertake, and specifically disclaims, any\nobligation to update or revise any forward-looking information, whether as a\nresult of new information, future developments or otherwise. Readers are\ntherefore cautioned not to place undue reliance on any forward-looking\nstatements.\n\n\n","length":2085,"tagName":"div"}]

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