TSXV: CNC
OTCQB: CNYCF
VANCOUVER,
Nov. 19, 2013 /PRNewswire/ -
Canyon Copper Corp. ("Canyon") (TSXV: CNC) (OTCQB: CNYCF)
announces that its shareholders will be asked to approve a
consolidation of Canyon's issued and outstanding common shares at a
ratio of up to fifteen (15) pre-consolidation shares to one (1)
post-consolidation share at the Annual General and Special Meeting
of Shareholders to be held on December 23,
2013. The Board of Directors is recommending
shareholders approve the share consolidation in order to better
position Canyon to finance its exploration and development
activities on its mineral properties.
Canyon currently has an aggregate of 68,696,934
common shares issued and outstanding. If the share consolidation
were undertaken at the ratio of 15 to 1, the issued and outstanding
common shares would be approximately 4,579,795. Canyon does not
intend to change its name in conjunction with the share
consolidation.
If the consolidation is approved, the Board of
Directors will have the authority to implement the consolidation at
the ratio of up to 15 to 1 at any time and will be permitted,
without further shareholder approval, to select a lower
consolidation ratio if they deem it to be appropriate.
Currently, the Board of Directors intends to implement the
consolidation as soon as practicable following the approval of the
consolidation by the shareholders and the TSX Venture Exchange.
Notwithstanding approval of the consolidation by the shareholders,
Canyon's directors, in their sole discretion, may abandon the
consolidation without further approval, action by, or prior notice
to shareholders.
The proposed consolidation is subject to the
approval of the shareholders of Canyon and the TSX Venture
Exchange.
On behalf of the Board of Directors,
"Benjamin Ainsworth"
CANYON COPPER CORP.
Benjamin Ainsworth, 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.
SOURCE Canyon Copper Corp.