NYSE American: GPL
VANCOUVER, Feb. 11, 2019 /PRNewswire/ - GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE American: GPL) ("Great Panther"; the "Company") is pleased to report the results of its Special Meeting of Shareholders held earlier today for the approval of the Scheme Resolution and the Name Change Resolution in connection with the Scheme Implementation Deed pursuant to which Great Panther will acquire Beadell Resources Limited ("Beadell") (the "Acquisition") and change its name to Great Panther Mining Limited.
"We would like to thank our shareholders for overwhelmingly approving the Acquisition and for their continued support", stated James Bannantine, President and CEO. "The acquisition of Beadell is transformational for Great Panther, resulting in the creation of a new growth-oriented intermediate precious metals producer with a strong balance sheet and diverse asset portfolio including three producing mines, an advanced stage project, and significant exploration potential."
Both the Scheme Resolution and the Name Change Resolution were approved by shareholders present or represented by proxy. The following provides the voting results for each of the resolutions:
Name Change Resolution
Beadell shareholders will meet later today in Perth (10:00 a.m. AWST) to vote on the Acquisition. Should Beadell shareholders vote in favour, the Acquisition is expected to close the first week of March, following satisfaction of customary closing conditions and receipt of regulatory approvals.
The name change to Great Panther Mining Limited will become effective upon closing of the Acquisition. The common shares of the Company will continue to trade on the Toronto Stock Exchange under the symbol GPR and NYSE American under the symbol GPL.
ABOUT GREAT PANTHER
Great Panther Silver Limited is a primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE American under the symbol GPL. Great Panther's current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico: the Guanajuato Mine Complex and the Topia Mine. The Company also expects to make a decision on whether or not to restart the Coricancha project in Peru by the end of March 2019. In addition, the Company anticipates closing of the acquisition of gold producer Beadell Resources Limited during the first week of March.
President & CEO
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (together, "forward-looking statements"). Such forward-looking statements may include, but are not limited to, statements regarding the timing and completion of the Acquisition, the timing of the effective date of the name change, and the timing or positive outcome of a production decision for the Coricancha project.
These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Assumptions upon which forward looking statements relating to the Acquisition have been made include that Beadell and Great Panther will be able to satisfy the conditions of closing, that due diligence investigations of each party will not identify any materially adverse facts or circumstances, and that all required third party, regulatory and government approvals will be obtained. Such factors include, among others, risks and uncertainties relating to potential political and social risks involving Beadell and Great Panther's operations in a foreign jurisdiction, the potential for unexpected costs and expenses, fluctuations in metal prices, fluctuations in currency exchange rates, physical risks inherent in mining operations, operating or technical difficulties in mineral exploration, changes in project parameters as plans continue to be refined, and other risks and uncertainties, including those described in respect of Great Panther, in its annual information form for the year ended December 31, 2017 and material change reports filed with the Canadian Securities Administrators available at www.sedar.com and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov.
There is no assurance that such forward looking statements will prove accurate; results may vary materially from such forward-looking statements; and there is no assurance that the Company will be able to identify and acquire additional projects or that any projects acquired will be successfully developed. Readers are cautioned not to place undue reliance on forward looking statements. The Company has no intention to update forward looking statements except as required by law.
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