/NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES/
TORONTO, Aug. 7 /CNW/ - CITADEL GOLD MINES INC. (CGM.H: NEX Exchange).
Citadel Gold Mines Inc. (the "Company") announces that it has completed its previously-announced redemption of all of its outstanding First Preferred Shares, Series II, effective as of July 31, 2008 (the "Redemption"), which shares were indirectly owned by Dr. Bernard C. Sherman, a principal shareholder and related party to the Company.
The aggregate redemption purchase price of $241,734 paid to Dr. Sherman was funded by the issuance of 2,544,568 common shares of the Company.
Following completion of the Redemption, Dr. Sherman controls, directly and indirectly, approximately 59.5% of the Company.
The NEX Exchange has neither approved nor disapproved of the information contained herein. The statements used in this press release may contain forward-looking statements that may involve a number of risks and uncertainties. These statements reflect management's current expectations regarding future events and speak only as of the date of this press release. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual events or results will be consistent with these forward-looking statements. Except as required by law, the Company does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking information, whether as a result of new information, future developments or otherwise. Readers are therefore cautioned not to place undue reliance on any forward-looking statements.
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