Canadian International Minerals Announces Share Consolidationadmin
February 6, 2014, Vancouver, BC: Canadian International Minerals Inc. (the "Company") (CIN – TSX Venture) announces that at market opening on Monday, February 10, 2014, the Company’s common shares will begin trading on consolidated basis, being ten (10) old shares for one (1) new share. The Company’s trading symbol will remain CIN. Registered shareholders will receive a letter of transmittal from the Company, with instructions for exchanging their pre-consolidated shares. Shareholders who hold their common shares through a broker or other intermediary and do not have common shares registered in their name, will not need to complete a letter of transmittal.
There are currently 83,133,504 common shares issued and outstanding. As a result of the consolidation, there will be approximately 8,313,350 common shares issued and outstanding. The exact number of post-consolidated shares will vary depending on the treatment of fractional shares, which will occur when each shareholder’s holdings in the Company are consolidated. The Company will not issue any fractional common shares as a result of the consolidation. Instead, all fractional shares equal or greater than one-half resulting from the consolidation will be rounded to the next whole number. Outstanding stock options and share purchase warrants will also be adjusted by the consolidation ratio and the respective exercise prices adjusted accordingly. The Company will not be changing its name in conjunction with the consolidation.
It is the opinion of the directors of the Company that future equity financing is required in order for the Company to meet its working capital requirements and to fund exploration activities on its mineral properties. It is the directors’ further opinion that the structure of the Company’s existing issued and outstanding share capital was not conducive to completing such additional equity financing and that a consolidation of the Company’s share capital was necessary in order attract new equity investment in the Company.
ON BEHALF OF THE BOARD
Michael E. Schuss
President and Chief Executive Officer
For further information on Canadian International Minerals Inc., please visit the Company website at www.cin-v.com
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.
Posted: February 6th, 2014 under ACCESSWIRE.