GLENCAIRN GOLD CORP
Glencairn Gold Announces Name Change, Share Consolidation and Exercise of Previously Issued Subscription Receipts
TORONTO, ONTARIO, Nov 29, 2007 (MARKET WIRE via COMTEX News Network) --
Glencairn Gold Corporation (the "Company")(TSX: GGG)(TSX: GGG.WT)(AMEX: GLE) announces that it has changed its name to Central Sun Mining Inc. and implemented a share consolidation on a one-for-seven basis effective November 29, 2007. The name change and share consolidation were approved by shareholders at the Company's special meeting of shareholders held on November 29, 2007. Shareholders also approved the issuance of an aggregate of 19,095,714 post-consolidation common shares and 9,547,857 post-consolidation common share purchase warrants upon the deemed exercise of subscription receipts issued on October 22, 2007. The Company's new Stock Option Plan and amended Share Bonus Plan were also approved by shareholders.
"This represents the completion of three significant features of the Company's restructuring plan announced on October 2, 2007," said Peter Tagliamonte, President & Chief Executive Officer. "We now look forward to implementing the remainder of our new strategic plan by completing the conversion of the Orosi Mine (formerly Libertad) from heap leaching to conventional milling and carrying out our exploration program along the Nicaraguan Gold Belt."
Effective at the opening on Wednesday, December 5, 2007, the Company's common shares and common share purchase warrants currently listed on the Toronto Stock Exchange under the symbols "GGG" and "GGG.WT", respectively, will commence trading under the new name Central Sun Mining Inc., the new symbols "CSM" and "CSM.WT", respectively, and on a one-for-seven consolidated basis. Also effective at the opening on Wednesday, December 5, 2007, the Company's common shares currently listed on the American Stock Exchange under the symbol "GLE" will commence trading under the new name Central Sun Mining Inc., the new symbol "SMC" and on a one-for-seven consolidated basis.
As a result of the consolidation, the Company has approximately 59,284,528 common shares outstanding and approximately 90,450,000 common shares on a fully-diluted basis. Outstanding common share purchase warrants and stock options have been adjusted to reflect the consolidation.
Letters of Transmittal will be mailed to registered holders of common shares on November 30, 2007 requesting them to forward the certificates representing their common shares of Glencairn Gold Corporation to Equity Transfer & Trust Company in Toronto, Ontario in exchange for certificates representing the number of common shares of Central Sun Mining Inc. to which they are entitled.
As a result of the consolidation, commencing on December 5, 2007, the terms of the currently outstanding $1.25 common share purchase warrants listed on the Toronto Stock Exchange have been adjusted pursuant to the warrant indenture governing these warrants such that seven previously outstanding warrants will entitle the holder to purchase one common share at a price of $8.75 until November 26, 2008.
About Central Sun Mining
The Company is a gold producer with mining and exploration activities focused in Nicaragua. The Company operates the Limon Mine in Nicaragua and plans to convert the Orosi Mine in Nicaragua to conventional milling and expand annual gold output. It also holds an option to acquire a 100% interest in the Mestiza gold property which is located 70 kilometres from the Limon Mine. The Company focuses on efficient and productive mining practices to establish a firm base of quality operations. Central Sun Mining is committed to growth by optimizing current operations and expanding mineral reserves at existing mines.
Cautionary Note Regarding Forward-Looking Statements: This press release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the completion of the Company's new strategic plan, the future financial or operating performance of the Company, its subsidiaries and its projects, the future price of gold, estimated recoveries under the milling plan, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital for the mill project, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, insurrection or war; delays in obtaining governmental approvals or required financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "General Development of the Business - Risks of the Business" in the Company's annual information form for the year ended December 31, 2006 on file with the securities regulatory authorities in Canada and the Company's Form 40-F on file with the Securities and Exchange Commission in Washington, D.C. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities.
Contacts: CENTRAL SUN MINING INC. Peter W. Tagliamonte President & CEO (416) 860-0919 Email: firstname.lastname@example.org
SOURCE: Glencairn Gold Corporation mailto:email@example.com