Palamina Announces Approval of Option Plan and Share Consolidation
TORONTO, ONTARIO--(Marketwired - Oct. 20, 2015) - Palamina Corp. ("Palamina" or the "Company") has approved its option plan and effected a consolidation of its common shares (the "Common Shares") on the basis of one (1) post-consolidation common share for every 6.666 pre-consolidation common shares outstanding. The option approval and consolidation were approved by the shareholders of the Company at the Company's special shareholders' meeting held on October 15, 2015. Upon completion of this consolidation, Palamina will have approximately 14,574,713 Common Shares issued and outstanding, reduced from 97,155,037 Common Shares which were previously issued and outstanding. The Company's outstanding options will also be adjusted on the same basis as the Common Shares, with proportionate adjustments being made to exercise prices.
No fractional Common Shares will be issued, and no cash will be paid in lieu of fractional post-consolidation Common Shares. The number of post-consolidation Common Shares to be received by a shareholder will be rounded down to the nearest whole Common Share.
Upon completion of the consolidation, the number of Common Shares outstanding will be adjusted on the Company's register of Common Shares maintained by its transfer agent, and registered shareholders will receive a statement prepared by the transfer agent pursuant to its direct registration system evidencing the post-consolidation shares. Non-registered holders holding their Common Shares through an intermediary should note that such banks, brokers or other nominees may have various procedures for processing the consolidation and should contact them directly with any questions.
A full description of the consolidation is contained in the Company's management information circular dated September 16, 2015, which has been filed under the Company's profile on SEDAR at www.sedar.com.