Palladon Ventures Announces Effective Date of Share Consolidation
February 07 2011 - 3:43PM
Marketwired
Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:
PLL) is pleased to announce that further to receipt of the required
shareholder and TSX Venture Exchange ("TSXV") approval, the Company
intends to implement its previously announced proposed share
consolidation (the "Consolidation") of all of its issued and
outstanding common shares ("Shares") on the basis of one (1)
post-consolidation share for every ten (10) pre-consolidation
Shares.
Accordingly, effective at market opening on February 8, 2011,
the Company's Shares will commence trading on the TSXV on a
post-consolidated basis. Following completion of the Consolidation,
the Company will have approximately 27,395,556 Shares issued and
outstanding.
Letters of transmittal are being mailed to registered
shareholders of Palladon requesting them to forward certificates
representing their Shares to Olympia Trust Company in exchange for
certificates representing the number of post-consolidation Shares
of Palladon to which they are entitled in accordance with the
instructions contained in the letters of transmittal. If a
registered shareholder does not receive a letter of transmittal by
February 28, 2011, please contact the Company at the contact
information below.
About Palladon
Palladon Ventures Ltd. holds a significant minority interest in
CML Metals Corporation, which is focused on advancing the Iron
Mountain project, an iron ore mine located west of Cedar City,
Utah.
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking
statements, which reflect the expectations of management.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including: (1) a downturn in
general economic conditions in North America and internationally,
(2) the inherent uncertainties and speculative nature associated
with mineral exploration and production, (3) a decreased demand for
minerals, (4) any number of events or causes which may delay or
cease exploration and development of the Company's property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labor problems; (5) the risk that the
Company does not execute its business plan, (6) inability to retain
key employees, (7) inability to finance operations and growth, and
(8) other factors beyond the Company's control. These
forward-looking statements are made as of the date of this news
release and, except as required by law, the Company assumes no
obligation to update these forward-looking statements, or to update
the reasons why actual results differed from those projected in the
forward-looking statements.
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.
Contacts: Palladon Ventures Ltd. John W. Cutler President &
Chief Executive Officer 801.521.5252 604.681.4760 (FAX)
info@palladonventures.com www.palladonventures.com
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