TSXV: PNO.H
VANCOUVER,
Nov. 1, 2013 /CNW/ - PNO Resources
Ltd. (the "Company") (TSXV: PNO.H) announces that it has
convened a meeting of its shareholders to be held on December 2, 2013 at which it will seek
shareholder approval to its proposed share consolidation.
The Company will be seeking, by special
resolution, the approval of its shareholders to consolidate its
outstanding share capital on the basis of 10 pre-consolidation
shares for 1 post-consolidation share. The reasons for the
consolidation are to increase the Company's flexibility and
competitiveness in the market place and to make the Company's
securities more attractive to a wider audience of potential
investors.
The Company currently has 74,416,454 common
shares issued and outstanding, and after the consolidation, the
Company will have approximately 7,441,645 common shares issued and
outstanding. The Company is not expected to change its name
in conjunction with the consolidation.
The completion of the consolidation remains subject to
shareholder and regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS
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"Christy Louth" |
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Christy Louth
President and Director |
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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
SOURCE PNO Resources Ltd.