Kilo Goldmines Announces Proposed Share Consolidation
February 06 2014 - 8:06AM
Marketwired
Kilo Goldmines Announces Proposed Share Consolidation
TORONTO, ONTARIO--(Marketwired - Feb 6, 2014) - Kilo Goldmines
Ltd. ("Kilo" or the "Corporation") (TSX-VENTURE:KGL)(FRANKFURT:02K)
announces that at its annual meeting to be held on March 6, 2014,
shareholders will be asked to approve a share consolidation
resolution. If approved by the shareholders, the Corporation's
Board of Directors will have the authority, at its sole discretion,
to proceed with a share consolidation on the basis of one (1)
post-consolidation common share for up to every ten (10)
pre-consolidation common shares. Such authority would lapse at the
next annual meeting of the Kilo shareholders. The Corporation's
outstanding stock options and share purchase warrants would be
adjusted on the same basis, with proportionate adjustments to the
exercise prices.
The Board of Directors and Management of Kilo have concluded
that it may be necessary for the Corporation to consolidate its
common shares in order to increase the Corporation's flexibility
with respect to potential business transactions, including future
financings. Shareholders' approval of this resolution does not
necessarily mean that a share consolidation will occur, rather it
will provide the Board of Directors the flexibility to implement a
share consolidation if determined by the Board to be in the best
interest of the Corporation and its shareholders.
There are currently 319,349,978 common shares issued and
outstanding. The table below indicates the approximate number of
common shares that would be outstanding if a share consolidation
were to be effected today:
Proposed Consolidation Ratio |
Number of Outstanding Common Shares (Post Consolidation) |
1 to 10 |
31,934,997 |
1 to 9 |
35,483,330 |
1 to 8 |
39,918,747 |
1 to 7 |
45,621,425 |
The Consolidation is subject to shareholders approval at the
upcoming annual and special meeting of shareholders and to the
prior acceptance by the TSX Venture Exchange. Should a
Consolidation be implemented, the Corporation would at that time
issue a further news release confirming the consolidation ratio as
well as the effective date. Letters of Transmittal with appropriate
instructions would also be mailed to shareholders at such time.
Implementation of a share consolidation will not give rise to a
change in the Corporation's name.
ABOUT KILO
Kilo Goldmines Ltd. is a Canadian gold exploration company that
is listed on the TSX Venture Exchange under the symbol 'KGL' and on
the Frankfurt Exchange under the symbol '02K'. The Company holds
about 3,000 square kilometres of favourable Archaean Kibalian
greenstone in the Kilo-Moto area in the Democratic Republic of the
Congo. Kilo's principal focus is to advance its projects from
exploration through feasibility to project development and
ultimately to full production in a socially and environmentally
responsible manner. The Corporation owns a 71.25% interest in the
DRC entity that holds the Somituri Project Exploitation
Permits.
DISCLAIMER
This news release may contain forward looking statements
concerning future operations of Kilo Goldmines Ltd. All forward
looking statements concerning Kilo's future plans and operations,
including management's assessment Kilo's project expectations or
beliefs may be subject to certain assumptions, risks and
uncertainties beyond Kilo's control. Investors are cautioned that
any such statements are not guarantees of future performance and
that actual performance and exploration and financial results may
differ materially from any estimates or projections.
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.
Such statements are not guarantees of future performance and
that actual performance and exploration and financial results may
differ materially from any estimates or projections.
Kilo Goldmines Ltd.Alex van HoekenChief Executive Officer (CEO)
& President+1 416 360
3406info@kilogoldmines.comwww.kilogoldmines.com
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