QUÉBEC CITY, QUÉBEC--(Marketwire - Oct. 2, 2012) - Plexmar Resources Inc. (TSX VENTURE:PLE) ("Plexmar") announces that it has obtained, as of October 2, 2012, from the Autorité des marchés financiers, the Ontario Securities Commission and the British Columbia Securities Commission a full revocation of the cease trade orders issued by these securities regulatory authorities. The revocation order was applied for by Plexmar following the preparation and filing of its annual audited Financial Statements for the year ended December 31, 2011 as well as the corresponding management's discussion and analysis and certificates required by the securities regulations.
In connection with its application for revocation of the cease trade orders, Plexmar has undertaken to hold an annual meeting of its shareholders within the next three months. Currently, an annual and special meeting of Plexmar's shareholders is scheduled for October 29, 2012.
Plexmar's future plans are to complete the transaction previously announced on September 18, 2012 pursuant to which Dia Bras Exploration Inc. ("Dia Bras") will acquire all of the issued and outstanding common shares of Plexmar, at a price of $0.01 per common share subject to adjustment in accordance with the arrangement agreement between Plexmar and Dia Bras dated September 18, 2012, by way of a statutory plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement"), and all outstanding warrants and options to acquire common shares of Plexmar will be cancelled for no consideration.
Upon the completion of the Arrangement, Dia Bras will have acquired all of the issued and outstanding common shares of Plexmar and Plexmar will become a wholly-owned subsidiary of Dia Bras. Plexmar's common shares are expected to be de-listed from the TSX Venture Exchange promptly following the effective date of the Arrangement. Plexmar will also seek to be deemed to have ceased to be a reporting issuer under the securities laws of each of the provinces of Canada where it is a reporting issuer following the completion of the Arrangement.
Plexmar is a Canadian exploration company focused on acquiring, exploring and developing gold mineral properties. Its main asset is Bolsa del Diablo, a gold project in northern Peru, which covers an area of nearly 22,000 ha and is located near the border with Ecuador. In total, Plexmar owns 100% of 39 concessions and has the right to acquire 100% of 1 more concession through an option agreement.
Additionally, Plexmar owns the Malin Plant located 125 km northeast of Trujillo in northern Peru. The current capacity of the Malin Plant is 125 tpd with plans to expand the total treatment capacity (polymetallic-flotation and gold) to 200 tpd in 2012.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.