WMR-TSX.V
WMRSF-OTCQX
VANCOUVER, Oct. 20, 2014 /CNW/ - Westminster Resources Ltd
will be immediately filing for, and seeking approval of, documents
relating to the consolidation of the company's issued and
outstanding share capital with the TSX Venture Exchange. The
intended consolidation will be on a basis of one postconsolidation
common share for every 10 preconsolidation common shares. This
consolidation will reduce the issued and outstanding shares of the
company from 113,272,926 to 11,327,292 shares, assuming no other
change in the issued capital. The company's outstanding options and
warrants will also be adjusted on the same basis (1 for 10) as the
common shares, with proportionate adjustments being made to
exercise prices.
No fractional common shares will be issued, and no cash will be
paid in lieu of fractional postconsolidation common shares. The
number of postconsolidation common shares to be received by a
shareholder will be rounded down to the nearest whole common share.
A letter of transmittal will be mailed to shareholders advising
that: (i) the consolidation has taken effect; and (ii) shareholders
should surrender their existing share certificates (representing
preconsolidation common shares) for replacement share certificates
(representing postconsolidation common shares). Until surrendered,
each existing share certificate will be deemed, for all purposes,
to represent the number of common shares to which the holder
thereof is entitled as a result of the consolidation.
The board of directors believes that the proposed share
consolidation will better position the company to raise the funds
it requires to finance continuing business activities and advance
its mineral properties.
The company's articles of incorporation authorize the board of
directors to approve certain changes to the company's capital
structure, including the consolidation. As such, shareholder
approval is not required. The consolidation is subject to approval
by the TSX Venture Exchange. The company does not intend to change
its name or its current trading symbol in connection with the
proposed share consolidation. The effective date of the
consolidation will be disclosed in a subsequent news release.
Notwithstanding the foregoing, the board of directors may, at its
discretion, determine not to effect the consolidation.
ON BEHALF OF THE BOARD OF DIRECTORS
WESTMINSTER RESOURCES LTD.
"Glen J. Indra"
____________________________________
About Westminster:
Managed by an experienced exploration team, Westminster is focused on exploring and
developing prospects on a land package of approximately 53,613
hectares of contiguous mineral concessions in Sonora, Mexico. These concessions
constitute a mineral district scale property serviced by roads,
power and water.
Westminster's exploration
continues in 2014 on its 53,613 hectares of mineral concessions
where numerous prospective mineralized targets have been
identified.
This news release may contain forward-looking information
which is not comprised of historical facts. Forward-looking
information involves risks, uncertainties and other factors that
could cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking information. Forward looking information in
this news release may include, but is not limited to, the Company's
objectives, goals or future plans. Factors that could cause actual
results to differ materially from such forward-looking information
include, but are not limited to, those risks set out in the
Company's public documents filed on SEDAR. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law. The TSX Venture
Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
SOURCE Westminster Resources Ltd.
