Hornby Announces Completion of Share Consolidation and Split
13 December 2013 - 7:28AM
Marketwired Canada
Hornby Bay Mineral Exploration Ltd. (TSX VENTURE:HBE) ("Hornby Bay") announces
that, further to the press releases dated October 23, 2013 and November 14,
2013, it has completed a consolidation and stock split of its issued share
capital, which has resulted in the elimination of all shareholdings of less than
100 shares. This transaction was approved by the shareholders of the Company at
its annual and special meeting of shareholders held on September 17, 2013
("AGM").
The shareholdings of less than 100 shares were eliminated through consolidating
the common shares on a 1 for 100 basis effective November 17, 2013, any
fractional shares were cancelled, and the remaining shares were split on a 100
for 1 basis effective November 18, 2013. Shareholders who held 100 shares or
more saw no change in the number of shares held by such shareholder.
Shareholders whose shares were eliminated pursuant to this process are entitled
to receive a cash payment equal to the number of pre-consolidation common shares
held by such holder multiplied by the volume weighted average trading price per
pre-consolidation common share on the TSXV during the five consecutive trading
days prior to November 18, 2013, which is equal to $0.055 per share. The total
number of shares outstanding was reduced by 25,161, and as of the date hereof
2,611 shares have been tendered for a cash payment. Letters of transmittal,
which provide instructions to shareholders, were mailed to registered
shareholders together with the meeting materials for the AGM. Shareholders who
hold their common shares through a broker, investment dealer, bank, trust
company or other nominee or intermediary should contact such representative for
assistance in connection with the consolidation and split.
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 release.
This news release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements.
We seek safe harbour.
Shares Outstanding: 57,785,100
FOR FURTHER INFORMATION PLEASE CONTACT:
Hornby Bay Mineral Exploration Ltd.
Maurice Colson
President and CEO
(416) 727-3966
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