Hunter Bay Minerals Announced Proposed Name Change to Sator Minerals Plc. and Share Consolidation
28.05.2014 | The Newswire
London, May 28, 2014 - Hunter Bay Minerals Plc ("Hunter Bay") (TSX-V: HBY) announce that its shareholders will be asked to approve a proposed change of name of Hunter Bay to "Sator Minerals Plc." (the "Name Change") and a proposed consolidation of Hunter Bay's issued and outstanding ordinary shares at a ratio of up to ten (10) pre-consolidation shares to one (1) post-consolidation share (the "Share Consolidation") at the Annual General and Special Meeting of Shareholders to be held on June 27, 2014. The Board of Directors is recommending shareholders approve the Name Change and the Share Consolidation in order to better position Hunter Bay to finance its exploration and development activities on its mineral properties. Hunter Bay currently has an aggregate of 98,384,237 ordinary shares issued and outstanding. If the Share Consolidation were undertaken at the ratio of 10 to 1, the issued and outstanding ordinary shares would be approximately 9,838,423.
If the Share Consolidation is approved, the Board of Directors will have the authority to implement the Share Consolidation at the ratio of up to 10 to 1 at any time and will be permitted, without further shareholder approval, to select a lower consolidation ratio if they deem it to be appropriate. Currently, the Board of Directors intends to implement the Share Consolidation as soon as practicable following the approval of the Share Consolidation by the shareholders and the TSX Venture Exchange. Notwithstanding approval of the Share Consolidation by the shareholders, Hunter Bay's directors, in their sole discretion, may abandon the Share Consolidation without further approval, action by, or prior notice to shareholders.
The proposed Name Change and Share Consolidation is subject to the approval of the shareholders of Hunter Bay and the TSX Venture Exchange.
About Hunter Bay
Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in South America and Canada. Hunter Bay's lead project is the Sela Creek Project, located in Suriname, in which Hunter Bay has an option to acquire up to an eighty percent (80%) interest. Hunter Bay also owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake, NWT, Canada.
For additional information please contact:
Hunter Bay Minerals plc
Suite 880, 580 Hornby Street
Vancouver, BC V6C 3B6
Keith Minty, CEO and director
Phone: (289) 242-8858
Email: keith@otl.co.za
NEITHER 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.
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