Aldershot Initiates the Consolidation Of Shares
VANCOUVER, BC / ACCESSWIRE / July 8, 2015 / Aldershot Resources Ltd. (TSX-V: ALZ) (“Company”) advises that the Company will be immediately filing for, and seeking approval of, documents relating to the consolidation of the Company’s issued and outstanding share capital with the TSX Venture Exchange. The intended consolidation will be on a basis of one post-consolidation common share for every five (5) pre-consolidation common shares. This consolidation will reduce the issued and outstanding shares of the Company from 159,742,975 to 31,948,595 shares, assuming no other change in the issued capital.
The Company’s outstanding options and warrants will also be adjusted on the same basis (1 for 5) as the common shares, with proportionate adjustments being made to exercise prices.
No fractional common shares will be issued, and no cash will be paid in lieu of fractional post-consolidation common shares. The number of post-consolidation common shares to be received by a shareholder will be rounded down to the nearest whole common share.
A letter of transmittal will be mailed to shareholders advising that: (i) the consolidation has taken effect; and (ii) shareholders should surrender their existing share certificates (representing pre-consolidation common shares) for replacement share certificates (representing post-consolidation common shares). Until surrendered, each existing share certificate will be deemed, for all purposes, to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.
The board of directors believes that the proposed share consolidation was necessary to facilitate new equity investment in the Company to finance continuing business activities and to investigate new opportunities.
The Company’s articles of incorporation authorize the board of directors to approve certain changes to the company’s capital structure, including the consolidation. As such, shareholder approval is not required.
The consolidation is subject to approval by the TSX Venture Exchange. The Company does not intend to change its name or its current trading symbol in connection with the proposed share consolidation.
The effective date of the consolidation will be disclosed in a subsequent news release. Notwithstanding the foregoing, the board of directors may, at its discretion, determine not to effect the consolidation.
On behalf of the Board of Directors
Signed “Michael Leidich”
Michael Leidich, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain “Forward Looking Information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time-to-time with the British Columbia and Alberta Securities Commissions.
813 14th St., Suite A
Golden, CO 80401
Tel: 1 303 955 5830
Fax: 1 303 862 5900
www.aldershotresources.com
mleidich@aldershotresources.com
Suite 1500
885 West Georgia Street
Vancouver, BC, Canada
V6C 3E8
Tel: 1 604 682 6718
Fax: 1 604 682 6722
SOURCE: Aldershot Resources Ltd.
ReleaseID: 430452