Compass Gold Proposes Share Consolidation
02 Oktober 2012 - 7:53PM
PR Newswire (Canada)
VANCOUVER, Oct. 3, 2012 /CNW/ - Compass Gold Corporation , which is
focused on gold exploration on four properties in Mali, Africa's
third-largest gold producer, today announced that it has been
advised that a consolidation of its common shares will be necessary
in connection with its proposed listing on the Australian
Securities Exchange (the ASX). The consolidation would be done to
enable Compass to satisfy certain of the ASX's listing
requirements. Compass announced its intention to pursue a listing
of its securities on ASX in a news release issued August 24, 2012.
Compass' board of directors also believes that the consolidation
may be desirable to facilitate attracting new equity investment in
the company. Compass foresees that, as a company currently focused
on exploration and development, further equity financings may be
required from time to time for it to meet its future working
capital requirements and potentially to fund acquisitions. The
Board has not yet determined a definitive consolidation ratio that
will be acceptable to the ASX and that also will satisfy the
company's financing requirements. However, the Board does not
anticipate that a greater than 3-to-1 consolidation will be
required (i.e., no more than every three (3) pre-consolidation
common shares will be consolidated into one (1) post-consolidation
common share). The consolidation will not change any shareholder's
proportionate interest in the company. Outstanding stock options
and warrants would similarly be adjusted by the consolidation
ratio. Accordingly, at Compass' upcoming annual general and special
shareholder meeting, which will be held on November 1, 2012,
shareholders of the company will be asked to approve the
consolidation on the basis of one post-consolidation common share
for every three pre-consolidation common shares, or such lesser
number of pre-consolidation common shares that the directors in
their discretion may determine. If the resolution is approved by a
majority of shareholders at the meeting, the directors will have
the sole discretion to select the final ratio and to implement the
consolidation at any time prior to May 1, 2013, subject to the
approval of the TSX Venture Exchange. The company currently has
139,167,364 common shares issued and outstanding. In the event that
the consolidation is conducted on a 3-to-1 basis, the company would
have approximately 46,389,121 common shares outstanding following
completion of the consolidation. The exact number of
post-consolidation shares will most likely vary from this
approximation to a small extent, depending upon the treatment of
the fractions that will most likely occur when each shareholder's
holdings are consolidated. Further details regarding the
consolidation are contained in the company's information circular
in relation to the meeting, dated September 25, 2012, which is
being mailed to shareholders and filed on SEDAR (www.sedar.com)
today. The company does not make any representation regarding the
ability of the company to meet the ASX listing requirements or the
possible success of the application process, or that the company
will in fact apply for a listing on the ASX. About Compass Gold
Corporation Compass Gold Corporation, a tier 2 mining issuer listed
on the TSX Venture Exchange, is focused on gold exploration in
Mali, Africa's third-largest producer of gold. Compass, through its
wholly owned subsidiary, Africa Mining SARL, owns a 100% interest
in four gold exploration permits (Yanfolila, Dandoko, Kolondieba,
and Solabougouda) as well as holding applications over a further
four areas, Mousala, Sirakourou, Yanfolila East, and Kolondieba
Nord) covering an aggregate of 1,138 sq kms in key gold-producing
regions in south west Mali, West Africa. Further information is
available at www.compassgoldcorp.com. Neither the TSX Venture
Exchange nor its regulation services provider accepts
responsibility for the adequacy or accuracy of this news release.
COMPASS GOLD CORPORATION "James Henderson" James Henderson,
President Compass Gold Corporation CONTACT: James Henderson
President Compass Gold Corporation Email: info@compassgoldcorp.com
www.compassgoldcorp.com +1 (604) 638-8067 Investor and Media
RelationsRichard W. WertheimWertheim + Company Inc.Email:
wertheim@wertheim.ca+1 (416) 594-1600+1 (416) 518-8479 (cell)
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