Morro Bay Resources Ltd.: Announces Share Consolidation
Calgary - Morro Bay Resources Ltd. (“Morro Bay” or the “Company”) (TSX-V: MRB; OTCPink: MRRBF) announces that the Morro Bay Board of Directors has elected to proceed with the consolidation of the Company’s common shares on the basis of ten (10) pre-consolidation shares for one (1) post-consolidation share (the “Consolidation”). The Consolidation will take effect on May 9, 2017, under a new CUSIP Number. There will be no name change or trading symbol change in conjunction with the Consolidation.The Consolidation was approved by the Company’s shareholders at the Annual General Meeting on June 30, 2016 (and as announced on July 6, 2016).
Following the Consolidation, the total issued and outstanding common shares of the Company will be approximately 9,180,096 common shares.
The Company continues to review strategic alternatives, which may include, among other things, a material re-financing of the Company, a sale of all or parts of its business, a merger (including a reverse take-over) or other business combination or other strategic transaction.
About Morro Bay
Morro Bay is a TSX Venture Exchange, Tier 2 listed company and is based in Calgary, Alberta, Canada.
For further information please contact:
Morro Bay Resources Ltd.
John Zang, President and Chief Executive Officer
jzang@morrobayresources.com
403 680 9264
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information in this news release may contain forward looking information. Statements containing forward looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the company.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
The forward-looking information contained in this news release is as of the date hereof and Morro Bay does not undertake any obligation to update publicly or to revise any of the included forward looking statements contained herein, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.