Recently, Superior Silver Mines, Inc. announced that they completed a reverse merger transaction with Clean Wind Energy, Inc. Clean Wind plans to design, develop, and construct large downdraft towers to generate electricity and clean water economically.
The business operations of Clean Wind will comprise Superior Silver Mines, Inc.’s principal business operations going forward, and the Company will continue to list on the OTCBB under the symbol SSVM.
The Clean Wind stockholders were issued, in exchange for their Clean Wind common stock, the right to receive an aggregate of 300,000,000 shares of the Company’s common stock. This is under the terms of the Agreement and Plan of Merger, dated December 29, 2010, by and among the Company, Clean Wind, and Superior Silver Mines Acquisition Corp., a wholly owned subsidiary of the Company.
Following the merger, the Company now has 327,055,199 shares of common stock issued and outstanding, of which the pre-merger stockholders of the Company own approximately 6 percent on a fully diluted basis. The pre-merger stockholders of Clean Wind own approximately 92 percent on a fully diluted basis.
In connection with the merger, Dale B. Lavigne resigned as a Director of the Company and Ronald W. Pickett and Robert P. Crabb were appointed to the Company’s Board of Directors to fill the vacancy created by Mr. Lavigne’s resignation and a pre-existing vacancy.
Ronald W. Pickett, Superior Silver Mines, Inc.’s President, CEO and Chairman, stated, “The Clean Wind team has been working diligently this year merging proven techniques and refining known technologies to bring this clean renewable method of producing economical electricity to the market. We believe the best form of ownership for this business should be with the public and we are pleased to have accomplished that milestone through this merger.”