Converge Global and Sparrowtech Resources to Close Merger Date : 10/21/2009 @ 9:00AM Source : MarketWire Stock : Converge Global, Inc. and Sparrowtech Resources, Inc. (SPMC) Quote : 0.0008 0.0 (0.00%) @ 8:13AM
Converge Global and Sparrowtech Resources to Close Merger
TORONTO, CANADA -- (Marketwire) -- 10/21/09 -- Converge Global, Inc. ("Converge Global") (PINK SHEETS: CVRG) and Sparrowtech Resources, Inc. ("Sparrowtech") (PINK SHEETS: SPMC) stated that their proposed merger previously announced on October 15, 2009 is scheduled to close at the close of business on Friday, October 23, 2009.
The effect of this merger will cause Sparrowtech shareholders to receive one share of Converge Global for every thirty (30) shares of Sparrowtech. The shares of common stock of Converge Global to be issued to the Sparrowtech shareholders will have a restrictive legend and these new shares will be subject to a one-year holding period. The new shares of common stock of Converge Global will be issued and sent promptly to the shareholders of Sparrowtech as of the close of business on October 23, 2009, and all of the outstanding stock certificates of Sparrowtech will be cancelled.
Converge Global presently has 217,145,305 issued and outstanding shares of common stock. Upon the closing of the merger, Converge Global will issue approximately 4,918,151 shares of its restricted common stock to the shareholders of Sparrowtech. As a result, Converge Global will then have approximately 222,063,456 issued and outstanding shares of common stock.
Converge Global intends to move forward on the development of its Eagle Nest mining property in La Paz County, Arizona and will launch its work program in the near future.
Converge Global, Inc. is a junior mining company engaged in the acquisition, exploration and development of properties in North and South America containing principally gold as well as other precious metals.
Sparrowtech Resources, Inc. is an exploration and resource development company with a primary strategy to follow socially responsible development and production by supporting working conditions and modernization techniques that would leave little to no carbon footprint.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Converge Global, Inc. and Sparrowtech Resources, Inc. with members of each management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. Either company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
posted
So many of these stinky pinkies often just forget to mention that they increased their authorized shares to the market. Probably the case here.
Posts: 162 | From: Houston | Registered: Aug 2009
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