Pitchblack Announces AGM and Proposed Consolidation
22 April 2014 - 3:00AM
Marketwired
Pitchblack Announces AGM and Proposed Consolidation
TORONTO, ONTARIO--(Marketwired - Apr 21, 2014) - Pitchblack
Resources Ltd. (TSX-VENTURE:PIT) ("Pitchblack" or the "Company")
has called its annual and special meeting of shareholders (the
"Meeting") for Wednesday, May 14, 2014 at 10:00 am (Toronto time).
The Meeting will be held at the Company's head office at 65 Queen
Street West, 7th floor boardroom, Toronto, Ontario M5H 2M5. Among
other matters which may duly come before shareholders, the Company
proposes that shareholders consider and approve a share
consolidation (the "Consolidation") on the basis of one new common
share of the Company (each,a "New Share") for up to every ten
existing common shares of the Company (each, an "Old Share"), or
such lower number of Old Shares as may be determined by the Board
of Directors of Pitchblack and as may be required to obtain
approval of the consolidation from the TSX Venture Exchange.
The principal
effects of the Consolidation will be that the number of common
shares of the Company issued and outstanding will be reduced from
33,124,150 Old Shares as of April 10, 2014 to approximately
3,312,415 New Shares, assuming a consolidation ratio of 10 to
1.
The expected
benefits of the Consolidation include improved trading liquidity
from lower transaction costs and great investor interest as well as
reduced future dilution from the ability to raise additional
capital at a higher price per share. Additional benefits of the
Consolidation, as well as the procedure for implementing the
Consolidation and the full text resolution approving the
Consolidation may be found in the Company's management information
circular dated April 10, 2014 (the "Circular") that is being mailed
to shareholders and may be found under the Company's profile on
SEDAR. The Consolidation remains subject to shareholder approval
and acceptance by the TSX Venture Exchange.
About Pitchblack
Resources Ltd.
Pitchblack has
uranium, coal and gold assets in the Yukon Territory, Canada. The
Company is currently reviewing the potential of these
properties.
Forward-Looking
Information
This press release
contains "forward-looking information" within the meaning of
applicable securities legislation. Forward-looking information
includes, but is not limited to, statements regarding the proposed
Consolidation, the perceived benefit of the Consolidation and
receipt of shareholder and regulatory approval.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic, competitive, political and social uncertainties
and risks of the mining industry. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities 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.
Pitchblack Resources Ltd.Josh Van DeurzenPresident and Chief
Executive Officer416-309-2898jvandeurzen@forbesmanhattan.com
(TSXV:PIT)
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