TORONTO, July 10 /CNW/ - Silvermet Inc. (formerly "Atikokan Resources
Inc.") (TSX VENTURE: SYI (formerly AKN)) (the "Company") is pleased to
announce that the TSX Venture Exchange has accepted for filing the Company's
reverse take-over ("RTO") with Silvermet Corporation ("Silvermet"), a private
Ontario corporation, all as principally described in the management
information circular dated May 29, 2006.
Reverse Take-Over Completed
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In connection with the reverse take-over, the following transactions were
completed:
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1. the Company consolidated its existing share capital on a one (1) for
five (5) basis;
2. Silvermet completed a $5,085,999 equity financing pursuant to which
5,419,997 flow-through shares of Silvermet were issued at a price of
$0.30 per share and 11,533,333 units of Silvermet were issued at a
price of $0.30 per unit, each unit comprised of one common share and
one-half of one common share purchase warrant. Each warrant is
exercisable into a common share at a price of $0.45 per share for a
period of 12 months from the date of issue. In addition, 1,594,997
broker warrants were issued, each broker warrant will give the holder
thereof the right to purchase one Silvermet unit at a price of $0.30
per unit;
3. the Company issued 42,986,662 post-consolidation common shares,
9,549,999 warrants to purchase common shares, 1,594,997 broker
warrants and 4,100,000 options to purchase common shares;
4. the Company amended its stock option plan to amend the number of
common shares of the Company reserved for issuance thereunder to a
number which is equal to 10% of the number of issued and outstanding
common shares of the Company (i.e. a rolling 10% plan); and
5. the Company reduced its stated capital by $853,485 to eliminate the
deficit as at December 31, 2005.
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Additionally, 25,665,533 post-consolidation common shares, 3,383,333
warrants and 2,000,000 options are subject to a three-year escrow term, with
10% releasing upon the date of the final Exchange bulletin and 15% releasing
every six months thereafter for three years.
Name Change and Symbol Change
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Pursuant to a special resolution passed by the shareholders on June 29,
2006, the Company has changed its name and stock symbol. Effective at the
opening on July 10, 2006 the common shares of Silvermet Inc. will commence
trading on the TSX Venture Exchange. In addition, effective at the opening on
July 10, 2006, the trading symbol for the Company will change from "AKN" to
"SYI".
New Directors
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The Company's new directors are Clifford H. Frame, Stephen G. Roman,
Geofrey Myers and F. Charles Vickers. Matthew Gaasenbeek will continue to
serve on the board.
Post Reverse Take-Over Capitalization
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The Company has authorized capital of an unlimited number of common
shares of which 46,258,855 common shares are currently issued and outstanding.
Additionally, the Company has 9,549,999 warrants to purchase common shares,
1,594,997 broker warrants and 4,360,000 options to purchase common shares
issued and outstanding.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Certain information regarding the Company contained herein may constitute
forward-looking information under applicable securities laws. Such statements
are subject to known or unknown risks and uncertainties that may cause actual
results to differ materially from those anticipated or implied in the
forward-looking statements. Important factors that could cause actual results
to differ materially from these forward-looking statements may be found in the
Company's documents filed from time to time with the Canadian securities
authorities. The Company does not assume the obligation to revise or update
these forward-looking statements after the date of this document or to revise
them to reflect the occurrence of future unanticipated events, except as may
be required under applicable securities laws.
