OHHHHH NOOOOOO I am reminded of that airline safety video, in the event of emergency place head firmly between knees........ and kiss your....... goodbye. This truly is the kiss of death as the Ewart "team" winds it all up!!!!
Bison Gold Commences Strategic Alternatives Review, Financing, Resource Definition, CEO Search, and Cost Reduction Initiatives
Wednesday, September 26, 2012
TORONTO, ONTARIO--(Marketwire - Sept. 26, 2012) - Bison Gold Resources Inc. ("Bison Gold" or the "Company") (TSX VENTURE:BGE) announces that the internal strategic review to examine optimal ways to increase shareholder value (see press release of August 3, 2011) has been completed, resulting in significant corporate cost savings, a targeted CEO search, a strategy to monetize shareholder value, and a financing to enable operations to continue comfortably through 2013.
STRATEGIC ALTERNATIVES
The Board believes that the current trading price of the Company's shares does not reflect the underlying value of the Company's assets, and that market conditions may continue to suppress the true value of the Company. Accordingly, Paradigm Capital Inc. ("Paradigm Capital") has been retained, on a success fee basis only, to assist the Company in identifying and evaluating strategic opportunities available to the Company in connection with enhancing shareholder value. The role of Paradigm Capital will include consideration of the sale of some or all of the Company's assets, a merger, recapitalization, or corporate sale of the entire Company. Paradigm Capital has extensive experience in divestitures, mergers and acquisitions in the Canadian mining industry. The Board believes that greater shareholder value can be achieved through a transaction which brings synergies to the Company.
FINANCING
Concurrent with the strategic alternatives review, the Company has retained M Partners Inc., on a success fee basis only, to raise funds for the Company to enable it to operate through 2013. The Company is evaluating both debt and equity alternatives, and will seek to minimize shareholder dilution.
RESOURCE DEFINTION
Based on the Company's recently completed 2012 exploration work program, the Board has approved the preparation of a 43-101 compliant report defining the Company's current resource.
OVERHEAD AND COST REDUCTIONS
After a complete and thorough review and analysis of the Company's overhead and expenses, the Board has adopted a plan to eliminate all unnecessary expenses in an effort to significantly reduce the Company's monthly overhead. The new plan has resulted in a significant decrease in the Company's monthly overhead and general expenses, thus allowing Bison Gold to direct funds towards further geological exploration and other primary business initiatives.
CEO SEARCH
The Board remains active in its search to find a new CEO for Bison Gold. The Board is evaluating a shortlist of highly qualified candidates and the Company will update shareholders when the successful candidate is chosen.