Expedition Mining Approves Share Consolidation
04.06.2014 | Marketwire
VANCOUVER, Jun 4, 2014) - Expedition Mining Inc. (the "Company") (TSX VENTURE:EXU) announces that the Board of Directors has approved a resolution consolidating the Company's share capital on the basis of every five (5) shares of the Company being consolidated to one share, or to such consolidation ratio as may be acceptable to the regulatory authorities and approved by the directors of the Company. Currently, the Company's authorized share capital is an unlimited number of common shares without par value, of which 58,336,789 shares are issued and outstanding, with a further 5,640,000 shares reserved for issuance upon the exercise of existing stock options.The Board of Directors believes that the share consolidation will provide the Company with greater flexibility in pursuing its plans to advance its mineral exploration projects and to conclude financings required by the Company.
The Company does not intend to undergo a name change in conjunction with the proposed consolidation. Upon completion of the share consolidation, it is expected that on the basis of a 5:1 share consolidation, there will be approximately 11,667,358 common shares issued and outstanding, subject to shares being issued pursuant to existing stock options prior to the effective date of the consolidation and subject to adjustment for fractional shares.
The proposed share consolidation is subject to TSX Venture Exchange acceptance.
The Company also reports the resignation of John Watt as a director of the Company. "Mr. Watt has served on the Company's Board of Directors since December 2011," said Ronald Atlas, President and Chairman of the Board, "and, on its behalf, I would like to thank John Watt for his outstanding service to the Company and wish him every success in his future endeavours."
Expedition Mining Inc. (TSX VENTURE:EXU) is a publicly held Canadian exploration company focused on acquiring, exploring and developing gold properties located in favourable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies. For additional information concerning Expedition Mining Inc. or its various exploration projects please visit Expedition's website at www.expeditionmining.com.
ON BEHALF OF THE BOARD:
Ronald Atlas
President & Chairman of the Board Expedition Mining Inc.
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.
Standard & Poor's Listed
Issued Share Capital: 58,336,789
Contact
Expedition Mining Inc.
William Galine
(604) 662-3903
bgaline@expeditionmining.com
www.expeditionmining.com