Hornby Announces Completion of Share Consolidation and Split
TORONTO, ONTARIO--(Marketwired - Dec 12, 2013) - Hornby Bay Mineral Exploration Ltd. (TSX VENTURE:HBE) ("Hornby Bay") announces that, further to the press releases dated October 23, 2013 and November 14, 2013, it has completed a consolidation and stock split of its issued share capital, which has resulted in the elimination of all shareholdings of less than 100 shares. This transaction was approved by the shareholders of the Company at its annual and special meeting of shareholders held on September 17, 2013 ("AGM").
The shareholdings of less than 100 shares were eliminated through consolidating the common shares on a 1 for 100 basis effective November 17, 2013, any fractional shares were cancelled, and the remaining shares were split on a 100 for 1 basis effective November 18, 2013. Shareholders who held 100 shares or more saw no change in the number of shares held by such shareholder.
Shareholders whose shares were eliminated pursuant to this process are entitled to receive a cash payment equal to the number of pre-consolidation common shares held by such holder multiplied by the volume weighted average trading price per pre-consolidation common share on the TSXV during the five consecutive trading days prior to November 18, 2013, which is equal to $0.055 per share. The total number of shares outstanding was reduced by 25,161, and as of the date hereof 2,611 shares have been tendered for a cash payment. Letters of transmittal, which provide instructions to shareholders, were mailed to registered shareholders together with the meeting materials for the AGM. Shareholders who hold their common shares through a broker, investment dealer, bank, trust company or other nominee or intermediary should contact such representative for assistance in connection with the consolidation and split.
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 news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
We seek safe harbour.
Shares Outstanding: 57,785,100