Welcome!

News Feed Item

General Metals Announces Approval of Name Change and Reverse Stock Split

RENO, NV -- (Marketwired) -- 05/30/14 -- General Metals Corporation (OTCQB: GNMTD) (www.generalmetalscorporation.com) (the "Company") announced today that it has received approval today from the Financial Industry Regulatory Authority ("FINRA") for a change in the name of the Company and for a 20:1 reverse stock split of the Company's common stock effective May 30, 2014. On May 7, 2014, the Company's board of directors had approved a change in the name of the Company from General Metals Corporation to Cibolan Gold Corporation and a twenty (20) old for one (1) new reverse stock split of the issued and outstanding shares of common stock. The name change and reverse stock split was originally approved at a special meeting of the stockholders on November 22, 2013. Upon effect of the reverse stock split, the Company's issued and outstanding shares of common stock will be decreased from 375,526,796 to 18,776,340 shares of common stock, with a par value of $0.001.

A Certificate of Amendment of the Certificate of Incorporation to effect the change of name and reverse stock split was filed with the Delaware Secretary of State on May 14, 2014, with an effective date of May 27, 2014. These amendments have been reviewed by the Financial Industry Regulatory Authority and have been approved for filing with an effective date of May 30, 2014. The reverse split and name change will become effective with the Over-the-Counter Bulletin Board at the opening of trading on May 30, 2014 under the symbol "GNMTD". The "D" will be placed on the Company's ticker symbol for 20 business days at which time the symbol will change to "CIBG". Our new CUSIP number is 17164L 109.

President and CEO of General Metals, Dan Forbush, noted: "Recently we have taken some definitive steps to improve shareholder values -- first and most importantly we secured outright ownership of the Wilson Independence gold and silver claim block; second, as a result of the previously announced Binding Letter of Intent with Compass Holdings, we obtained a joint venture partner with a commitment for the funding we will need to complete the next phase of exploration and development work at the project; third, we completed a share roll-back that will give us a stronger base from which to grow the Company and increase shareholder value, and; finally we have moved to complete our 43-101 filing which will be essential for all future capital raises and any new exchange listings we may pursue. Having a new name for the Company seems entirely fitting at this point given all these positive steps and the very evident positive direction in which we are moving."

Mr. Forbush continued, "In my opinion these steps completed in the last 40 days are major milestones in putting the Company on very solid ground. Through purchasing the claims we removed the payment of advanced minimum royalties from the cash flow equation thereby lowering the annual cost of holding the claims by more than $125,000. With the $2.875 million investment in the project we anticipate identifying addition mineralization on the claims that we now own and progressing the permitting for production."

Existing General Metals Corporation common stock certificates currently held by Company shareholders can be surrendered to the Company's stock transfer agent Nevada Agency and Trust Company in exchange for certificates representing common shares of CIBOLAN GOLD CORPORATION, on the basis of ONE (1) new share of CIBOLAN GOLD CORPORATION for TWENTY (20) old shares of GENERAL METALS CORPORATION. The Company shortly will be providing details to each shareholder on the mechanism of this exchange.

About General Metals Corporation. General Metals Corporation (OTCQB: GNMT), www.nevada-goldmine.com, is an aggressive junior mining exploration and development company, based in Reno, Nevada. The company is actively pursuing the re-opening of its Wison-Independence gold and silver mining project strategically located in the prolific Battle Mountain Mining District of Nevada.

Notice Regarding Forward-Looking Statements. This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and in Canadian securities legislation. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...