VANCOUVER, BC / ACCESSWIRE / July 26, 2016 / Gulf Shores Resources Ltd. (TSXV: GUL) (“GSR” or the “Company”) is pleased to announce a major corporate change, which includes new management, new directors and a new name.

Tim McCutcheon has been appointed Chief Executive Officer of the Company. Mr. McCutcheon has also been appointed as a Director of the Company. Paul Klipfel has been appointed COO. Andrew Aitchison has been appointed Consulting Geologist. Jacqueline Collins has been appointed Corporate Secretary. All of the above appointments are effective August 1, 2016. Information on each new appointee is below:

Tim McCutcheon: CEO

Mr. McCutcheon is a capital markets professional and mining corporate manager with over 20 years of international business experience. He worked in multiple financial institutions such as Bear Stearns, Aton Capital and Pioneer Investments as an award-winning metals and mining sector analyst and as an investment banker. In 2006 he was a founder of DBM Capital Partners, a boutique mining resource merchant bank with AUM of $130M and $100M completed M&A before being sold to a UK-based hedge fund in 2009. Since 2009, Mr. McCutcheon has been a director/CEO of several public Emerging Markets mining resource companies with assets in Russia, Kyrgyzstan, Slovakia and Ghana. Mr. McCutcheon in 2012 – 2013 served as CEO of Abzu Gold, a Kinross earn-in partner in Ghana, and successfully turned the company around with a refinancing package, new investor base and corporate restructuring. Mr. McCutcheon attended Columbia University, where he received his BA and MBA.

Paul Klipfel: COO and Chief Geologist

Dr. Klipfel has 35 years of gold exploration leadership and project development experience in North America, South America, Australia, South Pacific, Africa, and Asia working for major and junior explorers. He has been a contributor to the discovery process on several major gold deposits including Las Cristinas, Venezuela (>12 Moz); Musselwhite, Ontario, Canada (>5 Moz); Esaase, Ghana (>5 Moz); Livengood, Alaska, USA (>10 Moz). Dr. Klipfel was President of Abzu Gold from 2010 – 2013, working in Ghana on the development of gold properties, including in the Ashanti belt area. Dr. Klipfel has graduate degrees from the Colorado School of Mines and from the University of Idaho, as well as a doctorate degree from the Colorado School of Mines.

Andrew Aitchison: Consulting Geologist

Mr. Aitchison has 28 years of mining, exploration and project development experience in Australia, Turkey, Ghana, Russia, Kazakhstan, Vietnam, New Zealand, Canada, Burkina Faso, Chile and Peru. Mr. Aitchison has held senior and management positions with Rio Tinto (CRAE), Newmont and private mining groups. He was Manager Mineral Resources and Mine Planning for Goldfields in Ghana. Andrew’s career highlights include 4 Moz gold discovery at the Kluchevskoye project in Russia and 2.3 Moz PGM discovery at the Kondyor project in Russia. Andrew has a Bachelor of Science degree (B.Sc) with majors in geology, chemistry and mathematics, from the University of Newcastle and is currently completing an MBA in Paris specializing in “Project Finance in Emerging Markets.”

Jacqueline Collins: Corporate Secretary

Ms. Collins is a Securities/Corporate Finance Paralegal with over 25 years’ experience as a legal administrator, corporate secretary and paralegal at both independent and national law firms, and with public resource companies.

In addition to the new management appointments, the Company also announces the appointment of Grant Sinitsin as a Director. Mr. Sinitsin serves as the Head of the Moscow Natural Resource Advisory Group for Garber, Hannam & Partners (formerly Fleming Family & Partners (Russia) Limited). Mr. Sinitsin has 25 years of experience in the resource and investment banking industries, including 20 years based in Moscow. Over his career, he has been a Senior Equity Analyst for Fleming UCB where he covered the Russian metals and mining sector. He serves as a Non-Executive Director of Lubel Coal Company Ltd. Mr. Sinitsin holds a Bachelor of Commerce degree from the University of British Columbia and is a Chartered Financial Analyst.

The Board wishes to extend its gratitude to Mr. Michael Turko for serving as President and Chief Executive Officer. Mr. Turko will remain with the Company as a Director. The Company also notes the resignation of George Langdon as a director. The Board thanks Mr. Langdon for his service.

The Company also announces that it will change its name to Ashanti Gold Corp. to better reflect the new direction of the Company and its area of operations in Ghana in the Ashanti gold belt. On July 13, 2016 the Company announced it has signed a Letter of Intent (LOI) with Goldplat PLC (“Goldplat”), an AIM-listed public company, to earn an interest in the Anumso Gold Project (the “Project”) in Ghana.

Tim McCutcheon is quoted: “I am very happy to step up and lead Ashanti Gold and honored that so many experienced professionals have joined the team with me. Anumso is a great cornerstone property and I look forward to using this platform to expand our presence in West Africa and grow a world-class gold mining development company.”

ON BEHALF OF THE BOARD

“MICHAEL TURKO”
Michael Turko, CEO

Contact Information

Gulf Shores Resources Ltd.
1631 Dickson Ave.
Suite 1100
Kelowna, B.C. V1Y 0B5
TEL (604) 683 3309
FAX (778) 478 1016
EMAIL info@gulfshoresresources.com

Cautionary Statement on Forward-Looking Information

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, timing and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company’s latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.

SOURCE: Gulf Shores Resources Ltd.

ReleaseID: 442882

VANCOUVER, BC / ACCESSWIRE / July 26, 2016 / Dolly Varden Silver Corporation (TSX.V: DV | OTC: DOLLF) (the “Company” or “Dolly Varden”) has completed its non-brokered private placement originally announced on July 5, 2016 (the “Offering”). The Company raised gross proceeds of $7,195,591.38 through the sale of 9,115,861 common shares of the Company at a price of $0.62 per share (“Common Shares”), 2,142,857 “flow-through shares” of the Company at a price of $0.70 per share and 101,762 common share purchase warrants (“Warrants”) issued to Hecla Canada Ltd. (“Hecla”) at a price of $0.43 per Warrant (described below). Closing of the Offering was delayed pending simultaneous hearings of the British Columbia Securities Commission and the Ontario Securities Commission on whether to cease trade the Offering. On July 22, 2016, both commissions ruled in favour of allowing the Offering to continue and the financing was resumed on July 25, 2016.

The net proceeds of the Offering will be used to repay principal, interest and fees on the $2,500,000 loan from Sprott Private Resource Lending (M), L.P., Resource Income Partners Limited Partnership and The K2 Principal Fund L.P. (see Company news releases dated June 13, 2016 and July 4, 2016), accomplishing the Company’s goal of becoming debt free. The majority of the remaining proceeds are planned to be used for exploration of the Dolly Varden silver property in northwestern British Columbia, where a number of prospective mineral exploration and resource expansion targets were identified during the 2015 field season. Thereafter, proceeds will be used for working capital purposes.

Hecla has elected to maintain its pro rata interest in the Company, a right granted in an ancillary rights agreement, and subscribed for 1,857,796 Common Shares and 101,762 Warrants (both of which are included in the above totals). Each Warrant purchased by Hecla will entitle Hecla to purchase one Common Share at a price of $0.70 per Common Share and will be exercisable for a period of 24 months from the date of issuance.

In connection with the Offering and a finder’s fee agreement with Eventus Capital Corp. (the “Finder”) dated July 5, 2015, the Company will pay a finder’s fee in respect of those purchasers introduced to Dolly Varden by the Finder. The finder’s fee will consist of 558,606 Common Shares and 541,205 common share purchase warrants exercisable at a price of $0.70 per Common Share for a period of 24 months from the date of the closing of the Offering.

All of the securities issued in the Offering are subject to a 4 month hold period expiring on November 27, 2016.

About Dolly Varden – Dolly Varden Silver Corporation is a mineral exploration company focused on the exploration of the Dolly Varden silver property located in northwestern British Columbia, Canada. The entire Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Company’s common shares are listed and traded on the TSX Venture Exchange under the symbol DV and on the OTCBB system under the symbol DOLLF.

FORWARD-LOOKING STATEMENTS:

This release may contain forward-looking statements or information. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relate to, among other things, the terms of the Offering, the use of proceeds of the Offering and the continued exploration and valuation of the Dolly Varden silver property. These forward-looking statements are based on management’s current expectations and beliefs, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A”), which is available on SEDAR at www.sedar.com and on the Company’s website at www.dollyvardensilver.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

This release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom.

Contact Information:

Dolly Varden Silver Corporation
Rosie Moore, Interim CEO and President
1-604-925-5881

SOURCE: Dolly Varden Silver Corporation

ReleaseID: 442878

AURORA, IL / ACCESSWIRE / July 26, 2016 / Old Second Bancorp, Inc. (the “Company” or “Old Second”) (NASDAQ: OSBC), parent company of Old Second National Bank (the “Bank”), today announced financial results for the second quarter of 2016. The Company reported net income of $3.8 million for the second quarter of 2016, compared to net income of $4.1 million in the second quarter of 2015. The Company’s net income available to common stockholders of $3.8 million, or $0.13 per diluted share for the second quarter of 2016, compared to $3.4 million, or $0.12 per diluted share, in the second quarter of 2015.

Operating Results

On July 19, 2016, the Company’s Board of Directors declared a cash dividend of 1 cent per share payable on August 9, 2016, to stockholders of record as of July 29, 2016.
Second quarter 2016 net income available to common stockholders increased by $426,000, or 12.5%, from the second quarter of 2015 and increased approximately 15.7% from the first quarter of 2016. When compared to the second quarter of 2015, the second quarter 2016 reflects higher net interest income of $427,000. No release of loan loss reserves was recorded in the second quarter of 2016, as compared to a $2.3 million reserve release in the like 2015 quarter. Finally, comparing the year over year quarters, the second quarter of 2016 experienced lower noninterest income of $987,000 primarily due to reductions in residential mortgage banking income, and lower noninterest expense stemming from decreases in compensation costs and other real estate owned (“OREO”) expenses. Noninterest expense of $16.7 million for the second quarter of 2016 was $2.2 million or 11.8% lower than the second quarter of 2015.
Net interest income in the second quarter of 2016 was $142,000 higher than the first quarter of 2016, and noninterest income was $1.0 million, or 16.0%, higher in the second quarter of 2016 as compared to the first quarter, primarily due to residential mortgage banking income. Noninterest expense was also higher in the second quarter of 2016 as compared to the prior quarter, which was primarily due to a one-time expense recorded on a debit card contract change.

Capital Ratios

 

 

 

 

 

 

 

 

 

 

June 30, 

 

December 31, 

 

June 30, 

 

2016

 

2015

 

2015

The Bank’s common equity tier 1 capital ratio

 14.67

%

 

 14.10

%

 

 17.49

%

The Company’s common equity tier 1 capital ratio

 10.30

%

 

 10.55

%

 

 9.82

%

The Bank’s total capital ratio

 15.74

%

 

 15.23

%

 

 18.75

%

The Company’s total capital ratio

 15.03

%

 

 15.56

%

 

 17.10

%

The Company’s tier 1 leverage capital ratio

 8.94

%

 

 8.69

%

 

 10.02

%

The Bank ratios shown above exceed levels required to be considered “well capitalized.”

Asset Quality & Earning Assets

Nonperforming loans increased to $18.4 million at June 30, 2016, from $14.6 million at December 31, 2015, and $19.3 million at June 30, 2015. The increase in 2016 was due to 2 relationships secured by commercial real estate which have each lost one large tenant in recent months. Both borrowers have indicated they are aggressively pursuing new tenants, and one borrower has noted that refinancing is in process with another institution.
OREO assets decreased in the second quarter to end at $16.3 million on June 30, 2016, compared to $19.1 million at December 31, 2015, and $32.0 million at June 30, 2015. Valuation write-downs continued in the second quarter of 2016 with a quarterly expense of $489,000 compared to $451,000 in the first quarter of 2016.
Total loans at June 30, 2016, were $1.16 billion, reflecting an increase of $27.4 million when compared to December 31, 2015 and an increase of $2.3 million as compared to June 30, 2015. Average loans (including loans held-for-sale) for the second quarter of 2016 were $1.15 billion, reflecting an increase of $9.8 million from the fourth quarter of 2015 and a decrease of $2.4 million when compared to the second quarter of 2015. Loan growth in the 2016 period stems primarily from commercial and industrial loan originations.
June 30, 2016 available-for-sale securities at fair value totaled $764.6 million, which is an increase of $308.5 million from $456.1 million at December 31, 2015, and $399.8 million balance at June 30, 2015. The increase is primarily due to the reclassification in the second quarter 2016 of the securities held-to-maturity portfolio to available-for-sale. This portfolio transfer was completed to allow flexibility to fund loan growth or to restructure the securities portfolio as management deems appropriate. The total securities portfolio has also increased in the last twelve months by $111.3 million, which is commensurate with deposit and short-term borrowing growth.

Management review of the loan portfolio concluded that neither a loan loss reserve release nor a loan loss provision was appropriate in the second quarter of 2016 or the last quarter of 2015. The second quarter of 2015 reflected a loan loss reserve release of $2.3 million.

Non-GAAP Presentations: Management has traditionally disclosed certain non-GAAP ratios to evaluate and measure the Company’s performance, including a net interest margin calculation. The net interest margin is calculated by dividing net interest income on a tax equivalent basis by average earning assets for the period. Management believes this measure provides investors with information regarding balance sheet profitability. Consistent with industry practice, management also disclosed other non-GAAP measures in the discussion above and in the following tables. The efficiency ratio is discussed in the noninterest expense presentation on page 4. The tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

Forward Looking Statements: This report may contain forward-looking statements. Forward looking statements are identifiable by the inclusion of such qualifications as expects, intends, believes, may, likely or other indications that the particular statements are not based upon facts but are rather based upon the Company’s beliefs as of the date of this release. Actual events and results may differ significantly from those described in such forward-looking statements, due to changes in the economy, interest rates or other factors. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. For additional information concerning the Company and its business, including other factors that could materially affect the Company’s financial results or cause actual results to differ substantially from those discussed or implied in forward looking statements contained in this release, please review our filings with the Securities and Exchange Commission.

Conference Call

The Company will also host an earnings call on Wednesday, July 27, 2016, at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). Investors may listen to the Company’s earnings call via telephone by dialing 877-407-8035. Investors should call into the dial-in number set forth above at least 10 minutes prior to the scheduled start of the call.

A replay of the earnings call will be available until 11:59 p.m. Eastern Time (10:59 p.m. Central Time) on August 11, 2016, by dialing 877-481-4010, using Conference ID: 10039.

SOURCE: Old Second Bancorp, Inc.

ReleaseID: 442690

NEW YORK, NY / ACCESSWIRE / July 26, 2016 / The following statement is being issued by Levi & Korsinsky, LLP:

To: All Persons or Entities who purchased Linear Technology Corporation (“Linear Technology”) (NASDAQ: LLTC) stock prior to July 26, 2016.

You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Linear Technology to Analog Devices, Inc. (NASDAQ: ADI). Under the terms of the transaction, Linear Technology shareholders will receive $46.00 per share in cash and 0.2321 of a share of Analog Devices common stock for each share of Linear Technology stock they own, representing an approximate value of $60.00 per share. To learn more about the action and your rights, go to:

http://zlk.9nl.com/linear-technology-lltc

or contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.

Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, California, and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities lawsuits and have recovered hundreds of millions of dollars for aggrieved shareholders. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street – 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

ReleaseID: 442877

FORT WORTH, TX / ACCESSWIRE / July 26, 2016 / Range Resources Corporation (NYSE: RRC) will host a conference call and live webcast to discuss the results of the second quarter 2016, to be held Wednesday, July 27, 2016 at 9:00 AM Eastern Time.

To participate in this event, dial 877-407-0778 approximately 5 to 10 minutes before the beginning of the call. Additionally, you can listen to the event online at www.investorcalendar.com/IC/CEPage.asp?ID=175077 as well as via the Range Resources website (www.rangeresources.com).

If you are unable to participate during the live webcast, the event archive will be available at www.investorcalendar.com or www.rangeresources.com.

You may access the teleconference replay by dialing 877-660-6853, referencing conference ID # 13639393. The replay will be available beginning approximately 2 hours after the completion of the live event, ending at midnight Eastern on August 27, 2016.

About Range Resources Corporation

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading independent oil and natural gas producer with operations focused in stacked-pay projects in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

SOURCE: Investor Calendar

ReleaseID: 442825

ATHENS, GREECE / ACCESSWIRE / July 26, 2016 / Diana Containerships Inc. (NASDAQ: DCIX) will host a live webcast and teleconference to discuss the results of the second quarter 2016, to be held Wednesday, July 27, 2016 at 9:00 AM Eastern Time.

To participate in this event, dial 877-407-8029 domestically, or 201-689-8029 internationally, approximately 5 to 10 minutes before the beginning of the call. Additionally, you can listen to the event online at www.investorcalendar.com/IC/CEPage.asp?ID=175092, as well as via the Diana Containerships Inc. website (www.dcontainerships.com).

The webcast archive will be available at www.investorcalendar.com or www.dcontainerships.com.

About Diana Containerships Inc.

Diana Containerships Inc. is a global provider of shipping transportation services through its ownership of containerships. The Company’s vessels are employed primarily on time charters with leading liner companies carrying containerized cargo along worldwide shipping routes.

SOURCE: Investor Calendar

ReleaseID: 442824

MINNEAPOLIS, MN / ACCESSWIRE / July 26, 2016 / Insignia Systems, Inc. (NASDAQ: ISIG) will host a live webcast and conference call to discuss the results of the second quarter 2016, to be held Wednesday, July 27, 2016 at 5:00 PM Eastern Time.

To participate in this event, dial 877-407-8029 domestically, or 201-689-8029 internationally, approximately 5 to 10 minutes before the beginning of the call. Additionally, you can listen to the event online at www.investorcalendar.com/IC/CEPage.asp?ID=175114, as well as via the Insignia website (www.insigniasystems.com).

If you are unable to participate during the live webcast, the event archive will be available at www.investorcalendar.com or www.insigniasystems.com.
About Insignia Systems, Inc.

Insignia Systems, Inc. is a developer and marketer of innovative in-store products, programs and services that help consumer goods manufacturers and retail partners drive sales at the point of purchase. Insignia provides at-shelf media solutions in approximately 13,000 retail supermarkets, 1,000 mass merchants and 8,000 dollar stores. With a client list of over 200 major consumer goods manufacturers, including General Mills, Kellogg Company, Kraft Foods, Nestlé and P&G, Insignia helps major brands deliver on their key engagement, promotion, and advertising objectives right at the point-of-purchase. For additional information, contact (888) 474-7677, or visit the Insignia website at www.insigniasystems.com.

SOURCE: Investor Calendar

ReleaseID: 442823