VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/19/13 -- Messina Minerals Inc. (TSX VENTURE: MMI) ("Messina" or the "Company") has received approval from the TSX Venture Exchange to implement the share consolidation of the issued and fully paid common shares of the Company on the basis of five (5) pre-consolidation common shares for one (1) post-consolidation common share effective at the opening of the market on February 20, 2013. No fractional shares will be issued in connection with the consolidation and any fractional shares resulting from the consolidation will be eliminated.
The Company currently has 62,915,810 common shares outstanding and, following the share consolidation on a one for five basis, will have 12,583,162 shares outstanding. There will be no name change in conjunction with the share consolidation. The change in the number of issued and outstanding common shares that will result from the share consolidation will not materially affect any shareholder's percentage ownership in Messina, although such ownership would be represented by a smaller number of common shares.
The Company currently has 3,900,000 outstanding share purchase warrants of which 2,500,000 are exercisable at $0.12 per share and 1,400,000 are exercisable at $0.10 per share. As a consequence of the share consolidation, the total number of warrants outstanding will be 780,000 comprised of 500,000 outstanding warrants with adjusted exercise price of $0.60 per share and 280,000 warrants with adjusted exercise price of $0.50 per share.
The Company also has outstanding stock options to purchase up to 2,200,000 common shares of the Company issued to directors, officers, consultants and employees of the Company. Resulting from the consolidation, the options outstanding will be 440,000 and the exercise prices of these options will be adjusted in accordance with the consolidation ratio.
A letter of transmittal will be sent by mail to shareholders advising that the share consolidation has taken effect and instructing shareholders to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the consolidation. Until surrendered, each 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 shareholders of Messina approved the implementation of the proposed share consolidation at the Company's annual general meeting held on February 23, 2012. At a subsequent meeting of the Board of Directors of Messina approval was given for consolidation of the issued and fully paid common shares on a 1 for 5 basis. Further details regarding the share consolidation are contained in the Company's Information Circular dated January 10, 2012, which has been filed under the Company's profile on SEDAR at www.sedar.com.
Messina Minerals Inc. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "MMI". The Company has completed NI 43-101 complaint technical reports for zinc-lead-copper-silver-gold mineral resources at "Boomerang", "Domino", and "Main Zone" on the Glitter Project located in central Newfoundland, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF MESSINA MINERALS INC.
Peter Tallman, President
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.
Messina Minerals Inc.
(604) 629-7971 (FAX)
Most Popular Stories
- SEO Traffic Lab Celebrate Wins at Digital Marketing Event 'Internet World 2013' in London
- Social Media Initiatives Should Follow Customers' Lead
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- U.S. Senate Accuses Apple of Large-scale Tax Avoidance
- UTEP Water Recycling Project Wins Venture Titles
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- Bieber Booed at Billboard Awards
- Crude Oil Up, Gasoline Down
- Austin Startup Compare Metrics Raises $3.5 Million for Expansion
- Why So Many Top 'Car Guys' Are Actually Women