Canadian International Minerals Announces Share Consolidation
February 06 2014 - 12:13PM
Access Wire
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.
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