VANCOUVER, July 27, 2016 /CNW/ - Alternative Earth
Resources Inc. (the "Company" or "AER") (TSX.V: AER) announced
that the Company intends to amend its share structure by
consolidating its issued and outstanding common shares.
Under the proposed consolidation, two (2) existing common shares
will be consolidated into one (1) new common share (the
"Consolidation"). The Company currently has 26,132,119
common shares issued and outstanding which will be reduced to
approximately 13,066,059 common shares. Fractional shares remaining
after giving effect to the Consolidation will be cancelled without
compensation, such that the holdings of each shareholder will be
rounded down to the nearest whole number of post-Consolidation
common shares.
In accordance with the Articles of the Company, the Board of
Directors of the Company (the "Board") has the authority to
effect the Consolidation by directors' resolution. The Board passed
a resolution authorizing the Consolidation at a meeting held on
July 26, 2016. The Consolidation is
subject to the acceptance of the TSX Venture Exchange. The Company
will issue a further news release indicating the record date of the
Consolidation and the date on which the Company's shares will
commence trading on a post-Consolidation basis. The name of the
Company will not be changed as a result of the Consolidation.
The Board believes that the Consolidation is in the best
interests of the Company as it will facilitate the process, which
is currently underway, to find and complete a mineral property
transaction.
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.
SOURCE Alternative Earth Resources Inc.