Millstream to Consolidate Shares and Amends Terms of Previously Announced Financing
23.09.2014 | Accesswire
TORONTO, ON / ACCESSWIRE / September 23, 2014 / Millstream Mines Ltd. (MLM TSX-V & NJD Frankfurt) announces that the company has made a submission to the TSX Venture Exchange in order to consolidate the shares of the company on the basis of one (1) new share for every five (5) shares outstanding. This will reduce the total shares of the corporation outstanding to approximately 15,748,340. The Share Consolidation will not affect any shareholder's percentage ownership interest in the Company, except to the extent that the Share Consolidation would otherwise result in any shareholder owning a fractional share. No fractional shares will be issued and the shares that each shareholder is entitled to receive will be rounded down to the nearest whole number.As a result of the aforementioned share consolidation, the previously announced private placement (see PR Aug. 27, 2014) will proceed forward on a post consolidated basis with the terms having been adjusted for the new share structure. Hence, a non brokered private placement for maximum proceeds of $60,000 (the "Offering") will be carried out with the terms of the Offering as follows: a maximum of 1,200,000 common shares at a price of $0.05 per share. The Offering will not rely upon the "existing shareholder exemption" legislation (see PR Aug. 27, 2014) since it meets the TSX Venture Exchange minimum price rule.
The Offering is expected to close on or before Sept.29, 2014 and will be subject to regulatory approval. The issued shares will have a four month hold period from the date of closing and the proceeds will be used for general corporate purposes.
About Millstream Mines Ltd.:
Millstream Mines Ltd. is a Canadian-based mineral exploration company whose principle objective is to enhance and develop known mineral properties to production potential. The Company has projects in the Province of Ontario, Canada and in the State of Montana, USA. The Potter Mine Property found in Ontario is outlined above. The Tamarack Gold Property, a former high grade gold producer in the Tobacco Root Mountains of south western Montana, is in an advanced stage of underground exploration and development operating under the Small Mines Exclusion Act of the State of Montana. Exploration properties in the company's portfolio also include the Uncle Sam gold project property in Montana and the Airport property (Sudbury basin precious metals project) in Ontario.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Millstream seeks safe harbour with regard to forward looking statements.
For further information contact:
Millstream Mines Ltd.
Mr. Ernest Harrison, EM, Chairman and CEO
Mr. Marty Martinello, B.A., Executive V.P.
Phone: 705-474-7282
Mr. Robert Chase, CFA, President and CFO
Phone:647-800-8796
Email: info@millstreammines.com
Web: http://www.millstreamminesmines.com