Red Mile Minerals Corporation Proposes Share Consolidation
24.11.2014 | Newsfile
Toronto (Newsfile Corp. - November 24, 2014) - Red Mile Minerals Corp. (TSXV: RDM) ("Red Mile" or, the "Company") announces that it has mailed the notice of annual general and special meeting, management information circular and form of proxy (collectively the "Meeting Materials") for the Annual General and Special Meeting of holders of common shares ("Shareholders") to be held on December 18, 2014 (the "Meeting"). The Meeting Materials have been also filed on SEDAR and are available under the Company's SEDAR profile at www.sedar.com.As part of the agenda for the Meeting, the Company is proposing to consolidate the issued and outstanding common shares of the Company on the basis of up to one (1) post-consolidation share for five (5) pre-consolidation shares. The consolidation is subject to TSX Venture Exchange as well as shareholder approval and will be considered by shareholders at the Meeting.
As of November 23, 2014 the Company had 25,689,620 common shares issued and outstanding. If approved and implemented, the consolidation will occur simultaneously for all of the Company's common shares and will affect all shareholders uniformly. Management expects that the ratio for the consolidation will be fixed and the consolidation implemented as soon as practical following the meeting. Assuming the proposed consolidation occurs at a ratio of 1:5, the Company's outstanding shares will be reduced to approximately 5,137,924 Common Shares. The consolidation will not affect any shareholder's percentage ownership interest in the Company, except to the extent that the consolidation would otherwise result in any shareholder owning a fractional share. No fractional shares will be issued, but instead if the Consolidation would otherwise result in a shareholder holding a fraction of a share, such fractional share, if less than one-half, shall be rounded down to zero and, if equal to or greater than one-half, shall be rounded up to one and added to the number of shares which the shareholder is entitled to receive. In addition, at the Meeting, the Company has also proposed to continue the Company from being governed under the Business Corporations Act (British Columbia) to the Business Corporations Act (Ontario), and as a result, also approve a new set of by-laws for the Company consistent with its new governing legislation.
The proposed consolidation, continuation and new by-laws are all detailed in the Information Circular that has been distributed to shareholders in connection with the Meeting. A copy has also been made available electronically at www.sedar.com.
About Red Mile Minerals
Red Mile Minerals is a closely held mineral exploration company with a gold property along the prolific Destor-Porcupine gold-producing region in Ontario and continues to seek additional mineral exploration opportunities where the company's exploration expertise and corporate share structure could substantially enhance shareholder value.
On behalf of the Board of Red Mile Minerals Corp.
John Hickey
President and CEO
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.
For more information, please contact:
Red Mile Minerals Corporation
John V. Hickey, President & CEO
(416) 903-6649
johnvhickey@gmail.com