Palladon Announces Annual and Special Meeting and Proposed Share Consolidation
BLOOMFIELD, COLORADO -- (Marketwire) -- 10/12/10 -- Palladon Ventures Ltd. ('Palladon' or the 'Company') (TSX VENTURE: PLL)(FRANKFURT: PV-1) today announced that, at its Annual and Special Meeting of shareholders to be held on Monday, November 8, 2010 (the 'Meeting'), the Company will be seeking shareholder approval for a resolution authorizing the consolidation of its common shares on a one (1) for ten (10) basis (the 'Consolidation'). It will be proposed, that for each ten common shares currently held by a Palladon shareholder, the shareholder will receive one common share. Completion of the Consolidation is subject to the approval of Palladon shareholders by special resolution at the Meeting as well as approval of the TSX Venture Exchange. The Consolidation will not materially affect the percentage ownership in the Company of shareholders even though such ownership will be represented by a smaller number of Common Shares. As at the date hereof, there are an aggregate of 188,964,132 common shares issued and outstanding. It is expected, that upon completion of the Consolidation an aggregate of approximately 18,896,413 common shares will be issued and outstanding.
About Palladon Ventures Ltd.
Palladon Ventures Ltd. holds a significant minority interest in CML Metals Corporation, which is focused on advancing the Iron Mountain project, an iron ore mine located west of Cedar City, Utah.
Neither 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.
Contacts:
Palladon Ventures Ltd.
John W. Cutler
President and Chief Executive Officer
801.521.5252
604.681.4760 (FAX)
info@palladonventures.com
www.palladonventures.com