Berkwood Resources Announces Share Consolidation
March 19 2014 - 4:55PM
Access Wire
Vancouver, BC / ACCESSWIRE / March 19, 2014
/ Berkwood Resources
Ltd. (TSX-V: BKR) ("Berkwood" or the "Company")
announces that it will be implementing a three (3) for one (1)
consolidation (the "Consolidation") of the Company's common shares
("Common Shares"). The shareholders voted in favour of the
Consolidation at the Company's annual general meeting of
shareholders held on September 27, 2013. The TSX Venture Exchange
has approved the Consolidation.
The Company will give effect
to the Consolidation on Thursday, March
20th, 2014. The Company will not change
its name as part of the Consolidation. The Company's
post-Consolidation Common Shares will be posted for trading on the
TSX Venture Exchange at the opening of trading on Thursday, March
20th, 2014, under the current symbol
"BKR" but with the new CUSIP number 084737204 and ISIN number
CA0847372046.
The 37,668,235 Common Shares
issued and outstanding prior to the Consolidation will be
consolidated to approximately 12,556,078 Common Shares.
Berkwood will not issue any fractional Common Shares as a
result of the Consolidation. Instead, the number of
post-Consolidation Common Shares issued
to such shareholder shall be rounded up to the next greater whole
number if the fractional entitlement is equal to or greater than
0.5 and shall be rounded down to the next lesser whole number if
the fractional entitlement is less than 0.5. The Company's
currently outstanding stock options and share purchase warrants
will be adjusted on the same basis with proportionate adjustments
being made to the exercise prices.
Management of the Company
believes that a Consolidation of its share capital will better
position the Company to raise funds and increase the Company's
flexibility and competitiveness.
Letters of transmittal with
respect to the Consolidation will be mailed out to all registered
shareholders by the Company's registrar and transfer agent,
Computershare Investor Services Inc. ("Computershare"). The letter
of transmittal will describe the process by which shareholders may
obtain new certificates representing their post-Consolidation
Common Shares. All registered shareholders of the Company will be
required to send their certificates representing pre-Consolidation
Common Shares with a properly executed letter of transmittal to
Computershare in accordance with the instructions provided in the
letter of transmittal. Shareholders who hold their shares through a
broker or other intermediary and do not have shares registered in
their name will not need to complete a letter of
transmittal.
About Berkwood Resources
Berkwood Resources Ltd. is a
Canadian publicly listed mineral exploration company dedicated to
the acquisition, exploration and development of Precious Metal and
Graphite projects. The Company is currently exploring two
properties in Canada, the Prospect Valley Gold Property near
Merritt, BC and the Lac Gueret East Graphite Property, located in
northeastern Quebec.
On behalf of Berkwood
Resources
"Brian Buchanan"
Brian Buchanan, President and
Director
For
additional information please contact:
Karim Sayani, Corporate
Communications
Tel: (604) 662-7455
E-mail: karim@berkwoodresources.com
Tom Steer, Corporate
Development
Tel: (604) 662-7455
E-mail: tomsteer@berkwoodresources.com
Forward Looking Statements
This Berkwood News Release may
contain certain "forward-looking" statements and information
relating to Berkwood that are based on the beliefs of Berkwood's
management as well as assumptions made by and information
currently available to Berkwood's management. Such
statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitation,
competitive factors, general economic conditions, relationships
with strategic partners, governmental regulation and supervision,
seasonality, technological change, changes in industry practices,
and one-time events. Should any one or more of these risks or
uncertainties materialize, or should any underlying assumptions
prove incorrect, actual results and forward-looking statements may
vary materially from those described herein. Except as required by
law, Berkwood does not assume the obligation to update any
forward-looking statement.
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 news release.
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