TORONTO, ONTARIO, Mar. 12, 2010 (Marketwire) -- EPM Mining Ventures Inc. (formerly Westhope Capital Corp.) ("EPM") (Canada - OTC) is pleased to announce today that it (i) completed the consolidation of its 5,844,258 issued and outstanding common shares on a ten (10) old shares for one (1) new share basis resulting in there being 584,426 issued and outstanding shares following the completion of the share consolidation; (ii) changed its name to "EPM Mining Ventures Inc."; (iii) closed a private placement financing pursuant to which it raised $680,000 through the sale of 6,800,000 shares of EPM at a price of $0.10 per share; (iv) terminated the existing management and consulting agreements in exchange for a payment of $510,000; and (v) sold all of its oil and gas interests that it owns in Southwestern Ontario to Harper Capital Inc. in consideration for a payment of $160,000 (collectively, the "Transactions"). The Transactions were previously authorized and approved at a special meeting of shareholders of EPM held on March 9, 2010.
In connection with the completion of the Transactions, Gordon R. Wilton resigned as Chief Executive Officer and Chief Financial Officer and Stephen M. Jones was appointed President and Secretary of EPM. Also, Gordon R. Wilton, Gerald Iscove, Harry Bregman and Joan Reid resigned as directors and were replaced by Arthur H. Ditto, Stephen M. Jones and Thomas J. Pladsen.
EPM intends to seek out opportunities to acquire fertilizer assets, mining properties, energy assets or oil and gas assets.
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to EPM's future business. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of EPM to be materially different from those expressed or implied by such forward-looking information, including risks associated with the future business and development of the company. Although EPM has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. EPM does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
