Advanced Primary Minerals Proposes Share Consolidation
13 Novembre 2009 - 11:09PM
Marketwired
Advanced Primary Minerals Corp. (the "Company") (TSX VENTURE: APD)
announces that at a special meeting of shareholders scheduled for
December 8, 2009 (the "Meeting"), shareholders will be asked to
consider a special resolution to approve a consolidation of the
Company's common shares on the basis of one (1) post-consolidation
share for every seven (7) pre-consolidation shares, or such lesser
whole number of pre-consolidation shares as the directors may
determine (the "Consolidation"). If the resolution is approved by a
two-thirds majority of shareholders voting at the Meeting, the
directors will have the sole discretion to select the final
Consolidation ratio and to implement the Consolidation, subject to
the approval of the TSX Venture Exchange.
The Company currently has 117,667,382 issued and outstanding
common shares. In the event that the Consolidation is conducted on
a 7 for 1 basis, the Company would have approximately 16,809,626
shares outstanding following the Consolidation. However, the exact
number of post-Consolidation shares will vary depending upon the
treatment of fractions which will occur when each shareholder's
holdings are consolidated. In the event the Consolidation would
otherwise result in the issuance of a fractional share, no
fractional share will be issued and such fraction will be rounded
down to the nearest whole number. Outstanding stock options and
warrants will similarly be adjusted by the Consolidation ratio.
Erdene Resource Development Corporation, which holds approximately
64.59% of the Company's issued and outstanding shares, has
indicated that it intends to vote in favour of the resolution. A
vote of 66.67% of those present in person or by proxy at the
Meeting is required to approve the resolution.
Management of the Company believes that further equity financing
is required in order for the Company to fund its operating and
working capital requirements and future business expansion
purposes. It is management's opinion that the Company's existing
issued and outstanding share capital is not conducive to completing
such additional equity financing, and that the Consolidation is
required in order to facilitate attracting new equity investment in
the Company. The Company will not be changing its name or its
trading symbol in conjunction with the Consolidation.
Details of the Consolidation are contained in the Company's
information circular to be mailed to the Company's shareholders on
or about November 13, 2009, and filed on the SEDAR website
(www.sedar.com) under the Company's profile.
About APM
APM, through its wholly owned subsidiary, Erdene Materials
Corp., has been active in Georgia and South Carolina for over 10
years exploring for, evaluating, extensively testing and securing
high quality primary kaolin resources. APM has also operated an
industrial minerals laboratory in Eatonton, Georgia since 1998. The
Company is targeting value added products that benefit from the
unique attributes of its high quality, primary kaolin resource.
Target markets include ceramics, paint and coatings, catalysts and
other specialty industrial applications. APM has a consolidated
cash and securities position of approximately US $650,000 with
117,667,382 shares issued and outstanding and a fully diluted share
position of 121,467,382.
For additional information visit APM's website at
www.advminerals.com or contact the company via email at
info@advminerals.com.
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: Advanced Primary Minerals Corporation Ken W. MacDonald
President and CEO (902) 466-7255 info@advminerals.com
www.advminerals.com
Advanced Primary Minerals Corporation (TSXV:APD)
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