For Immediate Release. Original Sixteen to One Mine, Inc. Board of Directors ratified to amend the articles of incorporation to increase authorized shares from ten million to thirty million.
Original Sixteen to One Mine, Inc. (OAU) Board of Directors ratified motion to amend articles of incorporation to increase authorized shares from ten million to thirty million. For each share outstanding (4,248,682) an additional two shares will be issued. File and notification date is today. Record date is September 14, 2001. Those who own shares on this date are entitled to two additional shares for each share owned. Mail date and payable date is October 12, 2001.
A variety of reasons support this amendment. The gold industry is very different today than it was a decade ago; so is Original Sixteen to One Mine, Inc. There are fewer public companies mining gold today. The survivors have grown in size by mergers and acquisitions. Most public companies mining in the United States are now foreign corporations. Visions for the company include filling the voids that now exist.
“Increasing the authorized and issued shares allows us to grow into a fresh and competitive mining company for the twenty first century. It requires a market capitalization that more closely resembles the intrinsic value of our assets. It also requires market liquidity. These are goals, visions or dreams I see ahead. Our fundamental corporate structure is one tool for implementing the above,” states Michael Miller President/CEO.
1. Replacing the pumps. We currently use 185 horse power to keep the mine open to the 2200 foot level. New efficient pumps using less electricity are being installed in the Tightner Shaft.
2. Realign the main haulage on the 800 foot level above the Ballroom. This project cuts travel time for day-lighting ore and waste. This work is in the most productive area of the mine. Our miners have hit a dozen pockets of gold during renovation.
3. Mining north of the Tightner shaft. This is a vast unexplored section of the Sixteen to One vein. It was lightly explored in the early 1900’s. Free gold has been mapped in three areas. The presence of gold in our mine is the strongest indicator for more gold.