Strategic Resources Inc. seeks shareholder approval for possible share consolidation
2012年9月12日 - 10:53PM
PR Newswire (Canada)
TSX.V: STI REGINA, Sept. 13, 2012 /CNW/ - Strategic Resources Inc.
("Strategic" or the "Corporation"), is announcing that at its
upcoming Annual Special Meeting (the "Meeting"), to be held on
October 4, 2012, at 11:00 am at the offices of Gardiner Roberts,
LLP, Suite 3100, Scotia Plaza, 40 King Street West, Toronto,
Ontario, M5H 3Y2, shareholders will be asked to approve a special
resolution approving a consolidation (the "Consolidation") of the
Corporation's issued and outstanding Common Shares.
Currently, the Corporation has 73,002,132 Common Shares
outstanding. If the full Consolidation was undertaken, the
outstanding Common Shares would be reduced to approximately
7,300,213. No fractional shares will be issued Instead, if,
as a result of the Consolidation, a shareholder is entitled to a
fractional Common Share, such fractional Common Share that is less
than ½ of one post-Consolidation Common Share will be cancelled and
each fractional Common Share that is at least ½ of one
post-Consolidation Common Share will be rounded up to one whole
post-Consolidation Common Share. The Corporation is not
intending to change its name in concert with the Consolidation.
Background and reasons for the Consolidation The board of directors
of the Corporation (the "Directors" or "Board") believe that in
order to facilitate access to additional working capital to further
the development of the Corporation's projects including its New
Mexico rare earth project, it may be necessary to consolidate the
issued and outstanding share capital. The Corporation will continue
in its efforts to raise additional working capital without
resorting to a share consolidation, however, given the present
difficult market conditions for junior exploration companies it may
be necessary to undertake the Consolidation so as to bring the
share price above the minimum threshold for capital-raising as
dictated by TSX policies. If the Special Resolution is approved,
the Board will have authority to consolidate the Common Shares at a
ratio of up to ten (10) to one (1). The Board will be
permitted without further shareholder approval to select a lower
consolidation ratio if it deems appropriate. Approval of the
Consolidation by the shareholders would give the Board authority to
implement the Consolidation at any time. As at the date
hereof, assuming the shareholders approve the Consolidation, the
Directors intend to implement the Consolidation as soon as
reasonably practical following the Meeting, subject to TSXV
approval. In addition, notwithstanding approval of the
Consolidation by the shareholders, the Board, in its sole
discretion, may revoke the Special Resolution and abandon the
Consolidation without further approval, action by, or prior notice
to Shareholders. About Strategic Resources Inc. Strategic Resources
Inc. is a Canadian-based junior exploration company with a Rate
Earth exploration project in Lincoln County, New Mexico. More
information about the Corporation is available on line at
www.strategicresourcesinc.ca. Disclaimer: Neither the 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.
Forward looking statements: This news release may contain certain
forward-looking inferences or statements. These
forward-looking inferences or statements are subject to a variety
of risks and uncertainties beyond the Corporation's control or
prediction and could cause actual events or results to differ
materially from those anticipated in such forward-looking
statements. Although the Corporation believes that the
assumptions inherent in the forward-looking statements are
reasonable, undue reliance should not be placed on these
forward-looking statements. These forward-looking statements
are made as of the date hereof and the Company assumes no
responsibility to update them or revise them to reflect new events
or circumstances, except as required by law. Strategic
Resources Inc. CONTACT: Malcolm Bucholtz, President &CEO,
Tel:1.306.525.0852 strategicminerals@yahoo.com
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