Azure Resources Corporation: Private Placement & Consolidation
23 April 2014 - 11:30PM
Marketwired
Azure Resources Corporation: Private Placement & Consolidation
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 23, 2014) -
Azure Resources Corporation (TSX-VENTURE:AZU) (the "Company")
announces that the Board of Directors has approved a resolution
consolidating the Company's share capital on the basis of up to ten
(10) old shares of the Company for one (1) new share. As of the
date hereof the Company has 128,619,475 shares issued and
outstanding.
Following the consolidation, it is expected that the Company
will have approximately 12,861,948 common shares issued and
outstanding. The number of common shares reserved for issuance
under the Company's Stock Option Plan will be reduced
proportionately. No fractional shares will be issued, but instead
will be rounded to the nearest whole common share.
The Company believes that the consolidation is necessary so that
the Company will be better positioned to access the equity markets
for purposes of advancing the Company's development plans. The
Company does not intend to change the corporate name of the Company
or its trading symbol.
In conjunction with the share consolidation, the Company also
reports that it has arranged a post-consolidation, best efforts,
non-brokered private placement of up to 10 million Units at $0.15
per Unit for gross proceeds of up to $1,500,000. Each Unit will
consist of one post-consolidated common share of the Company and
one share purchase warrant (a "Warrant") with each whole Warrant
entitling the holder to acquire an additional common share of the
Company at $0.25 per share for a period of 6 months after
issuance.
The private placement will consist of multiple closes. The first
close will take place upon reaching $500,000 of private placements;
the second upon reaching the next $500,000 of private placements;
and the third upon reaching the final $500,000 of private
placements.
Finders' fees may be payable in cash or common shares of the
Company in accordance with Exchange policies.
Net proceeds of the private placement will be applied towards
working capital and general corporate purposes.
The proposed share consolidation and the private placement are
subject to TSX Venture Exchange acceptance.
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 or the adequacy or
accuracy of this release. Certain information provided in this news
release contains forward-looking statements that by their nature
are subject to numerous risks and uncertainties and readers are
cautioned that actual results may vary considerably from those
forecasted.
Azure Resources CorporationDr. Waseem RahmanPresident(604)
684-2401(604) 684-2407
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