Cap-Ex to Consolidate Share Capital, Continue to British Columbia and Settle Certain Debt
12 Mai 2014 - 10:50PM
Marketwired
Cap-Ex to Consolidate Share Capital, Continue to British Columbia
and Settle Certain Debt
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2014) -
Cap-Ex Iron Ore Ltd. (TSX-VENTURE:CEV)(OTCQX:CPXVF)(FRANKFURT:X0V)
("Cap-Ex" or the "Company") announces that its Board of Directors
has called a special meeting of shareholders for July 9, 2014 to
authorize, by way of special resolution, a 1 for 4 consolidation
(the "Consolidation") of the Company's share capital and the
continuation of the Company to British Columbia (the
"Continuance"). As of the date hereof, there are 97,767,986 common
shares of the Company outstanding, of which 24,441,996 shares will
be issued immediately following the Consolidation.
The Consolidation and Continuance are also subject to the
acceptance of the Exchange. The Company does not intend to
implement a name change in conjunction with the Consolidation and
does not intend to change its symbol unless required by the
Exchange. The Company's Board of Directors is of the opinion that
the Consolidation would leave it better positioned to raise equity
financing in the future and the Continuance will facilitate the
administration of the Company's corporate records following the
return of the Company's head office to Vancouver, B.C. last
year.
In addition, Cap-Ex has agreed to a debt settlement with a
non-arm's-length company controlled by certain directors and
officers of the Company pursuant to which Cap-Ex will issue,
subject to the acceptance of the Exchange, an aggregate of
10,000,000 pre-consolidated common shares (2,500,000
post-consolidated shares) at a deemed price of $0.025 per
pre-consolidated share ($0.10 per post-consolidated share) in
settlement of outstanding indebtedness totaling $250,000 in respect
of certain drilling and exploration services provided to the
Company in 2013 (the "Debt Settlement"). The Company has determined
to satisfy this outstanding indebtedness with shares in order to
preserve its cash for operations.
The Debt Settlement is subject to Exchange acceptance and all
shares issued pursuant to the settlement will be subject to a
four-month hold period.
Jasvir Kaloti, has resigned as Corporate Secretary. Management
of Cap-Ex thanks Ms. Kaloti for her many years of service and
wishes her well in her future endeavors. Martin Burian, CFO of
Cap-Ex., was appointed as Corporate Secretary.
About Cap-Ex Iron Ore Ltd.
Cap-Ex Iron Ore Ltd. is a Canadian listed company, focused on
the development of its wholly owned Block 103 Iron Ore Project in
the Labrador Trough, near the mining town of Schefferville, Québec.
The Block 103 property is strategically located close to an
existing railway that can provide a direct link to a shipping port
and is adjacent to Tata Steel-New Millenium Iron Corp. LabMag and
KeMag deposits and the Tata-New Millennium oxide deposits to the
east.
For additional information please visit the Company's website at
www.cap-ex.ca.
CAP-EX IRON ORE LTD.
On behalf of the Board
Graham Harris, CEO and Director
Cautionary Note Regarding Forward-looking
Information
This press release contains "forward-looking information"
within the meaning of applicable Canadian securities legislation.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information. Specifically, the Consolidation and
Continuance are subject to shareholder approval by way of special
resolution. In addition, the Consolidation, the Continuance and the
Debt Settlement are subject to the acceptance of the Exchange.
There are no assurances that such approvals and acceptances will be
obtained in a timely manner or at all. 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 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.
Cap-Ex Iron Ore Ltd.Investor
Relations604-669-2279info@cap-ex.cawww.cap-ex.ca
M3 Metals (QB) (USOTC:MLGCF)
Historical Stock Chart
Von Jan 2025 bis Feb 2025
M3 Metals (QB) (USOTC:MLGCF)
Historical Stock Chart
Von Feb 2024 bis Feb 2025
