Berkley Resources Completes Share Consolidation and Name Change
13.04.2012 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - April 13, 2012) - Berkley Resources Inc. (CNSX: BKS) (PINKSHEETS: BRKDF) (FRANKFURT:W8O) (FRANKFURT/BERLIN: WKN 871666) ("Berkley" or the "Company") announces that, in connection with its news release dated January 9, 2011, it has completed a share consolidation (the "Consolidation") following approval of the Board of Directors of the Company and shareholder approval on February 2, 2012. The Company obtained approval for the Consolidation from the Canadian National Stock Exchange on April 12, 2012 and is completing the necessary corporate filings in order to effect the Consolidation.The Company currently has 46,139,482 issued and outstanding common shares. On a ten (10) for one (1) basis (the "Consolidation Ratio"), the Company will have approximately 4,613,948 shares outstanding following the Consolidation. The exact number of post-consolidation shares will vary depending on the treatment of fractional shares which will occur when each shareholder's holdings in the Company are consolidated. Outstanding stock options and warrants would similarly be adjusted by the Consolidation Ratio.
The Company is changing its name to "Berkley Renewables Inc." in connection with the completion of the share consolidation of its common shares. A letter of transmittal will be sent by mail to shareholders advising them that the Consolidation and Name Change has taken effect and instructing them to surrender their share certificates representing the number of common shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate formerly representing common shares will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the Consolidation.
At the opening of trading on April 16, 2012, the shares will trade under the new name with a new CUSIP number, however; it continue to trade under its existing symbol of "BKS".
Details concerning the share consolidation are contained in the Company's Information Circular mailed to shareholders on January 9, 2012 and available on the Company's disclosure record on SEDAR (www.sedar.com).
ON BEHALF OF THE BOARD
Matt Wayrynen
President and Chief Executive Officer
This release may contain statements that are considered as forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contact
Berkley Resources Inc.
Matt Wayrynen
President and Chief Executive Officer
604-682-3701
604-682-3600 (FAX)
info@berkleyresources.com
www.berkleyresources.com