TORONTO, ONTARIO--(Marketwired - June 16, 2014) - Lakeside Minerals Inc. (TSX VENTURE:LAK) (the "Company" or "Lakeside") announces that it has completed the consolidation of its outstanding common shares on a ratio of 4 old shares for 1 new share (the "Share Consolidation"), which had been previously approved by Lakeside's shareholders at its annual and special general meeting held on October 30, 2013. As of the opening of trading on June 16, 2014, the Company's share capital will begin trading on a post-consolidated basis under the same stock symbol: LAK.
Lakeside has filed the letter of transmittal on www.sedar.com, on October 21, 2013, which is available on Lakeside's web site at www.lakesideminerals.com. For the convenience of Lakeside shareholders the letter of transmittal can be accessed at the following link: http://media3.marketwire.com/docs/952039_lot.pdf
The letter of transmittal describes the process by which shareholders may obtain new certificates representing their consolidated common shares. Shareholders are requested to deliver original old share certificates along with the completed Transmittal letter by courier or in person to Olympia Transfer Services Inc. at Floor 8, 100, University Avenue, Toronto, ON M5J 2Y1 OR P.O. Box 1775, 31 Adelaide Street East, Toronto, Ontario M5C 0A2, Attention: Proxy Department. Shareholders who hold their shares through a broker or other intermediary and do not have shares registered in their name will not need to complete a letter of transmittal. No fractional shares will be issued under the share consolidation, and any fraction will be rounded to the nearest whole number. Following the consolidation, Lakeside will have 10,199,571 common shares issued and outstanding (not including the shares expected to be issued pursuant to the debt settlements and financings previously announced by the Company in press releases dated March 3, 2014, March 12, 2014 and April 23, 2014). All outstanding options and warrants of the Company will be adjusted accordingly to reflect the share consolidation.
About Lakeside Minerals Inc.
Lakeside Minerals Inc. is engaged in acquiring, exploring, and developing mineral properties. The Company's flagship Launay property is 102.5 km2 land package located in the heart of the Abitibi, 48 km northeast of Rouyn-Noranda. The Launay property straddles nearly 22 km of the Macamic deformation zone: a major deformation zone in the Abitibi subprovince located north of the Porcupine-Destor deformation zone. Claims cover a 17 km long trend of known gold occurrences, several of which display significant historical and recent gold drill intersections. Lakeside is also pursuing potential acquisitions of interests in undervalued mineral exploration properties with a view to long term value appreciation and the eventual development of a "project generator" business model.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Lakeside Minerals Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lakeside Minerals Inc.Yannis Banks
President and CEO
Source: Lakeside Minerals Inc.