If approved by the shareholders, the Company's Board of Directors will have the ability to implement the share consolidation. The Company currently has an aggregate of 163,420,290 common shares issued and outstanding. The share consolidation, at the maximum ratio proposed, would reduce the outstanding common shares to 32,684,058 common shares.
The Company is seeking shareholder approval for a potential consolidation of the common shares of the Company to give the Board of Directors the flexibility to consolidate should they deem that it would be beneficial to the Company. Approval of the consolidation at the meeting does not mean a consolidation will take place but rather leaves the Board of Directors with the ability to do so for the ensuing year.
The share consolidation is subject to both the approval at the special meeting of the shareholders and that of the
Additional information regarding the share consolidation will be available in the Company's information circular. The information circular will be posted at the company's website or mailed to certain shareholders in connection with the special shareholders meeting and will also be available on SEDAR.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Orebodies Inc. Gordon McKinnonPresident & CEO (416) 644-1747 www.canadianorebodies.com Source: Canadian Orebodies Inc.