Palladon Ventures Announces Effective Date of Share Consolidation
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/11 -- Palladon Ventures Ltd. ('Palladon' or the 'Company') (TSX VENTURE: PLL) is pleased to announce that further to receipt of the required shareholder and TSX Venture Exchange ('TSXV') approval, the Company intends to implement its previously announced proposed share consolidation (the 'Consolidation') of all of its issued and outstanding common shares ('Shares') on the basis of one (1) post-consolidation share for every ten (10) pre-consolidation Shares.
Accordingly, effective at market opening on February 8, 2011, the Company's Shares will commence trading on the TSXV on a post-consolidated basis. Following completion of the Consolidation, the Company will have approximately 27,395,556 Shares issued and outstanding.
Letters of transmittal are being mailed to registered shareholders of Palladon requesting them to forward certificates representing their Shares to Olympia Trust Company in exchange for certificates representing the number of post-consolidation Shares of Palladon to which they are entitled in accordance with the instructions contained in the letters of transmittal. If a registered shareholder does not receive a letter of transmittal by February 28, 2011, please contact the Company at the contact information below.
About Palladon
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.
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration and production, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labor problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
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 & Chief Executive Officer
801.521.5252
604.681.4760 (FAX)
info@palladonventures.com
www.palladonventures.com