Cannon Point Resources Ltd. to complete share consolidation

VANCOUVER, Nov. 15, 2011 /CNW/ - Cannon Point Resources Ltd. (TSXV: CNP) (the "Company") announces that it will proceed with its proposed consolidation of its current capital (the "Consolidation"), as previously announced on September 28, 2011, on the basis of four (4) pre-Consolidation common shares for one (1) post-Consolidation common share.  The Consolidation was approved by the Company's shareholders at its Annual General and Special Meeting held on October 27, 2011, and will be effective at the opening of the market on November 16, 2011 (the "Effective Date").

The Company currently has 137,035,586 common shares issued and outstanding.  As at the Effective Date the Company will have approximately 34,258,896 common shares issued and outstanding.  The Company will not change its name as part of the Consolidation, but will issue new share certificates under a new CUSIP number, which is 13776P208.  The Company's common shares will continue to trade on the TSX Venture Exchange under its current symbol "CNP".

Registered shareholders will receive a letter of transmittal from Computershare Investor Services Inc., the Company's transfer agent, with information on how to replace their old share certificates with the new share certificates.  Brokerage firms will handle the replacement of share certificates on behalf of their shareholders accounts.

The Company currently has share purchase warrants issued and outstanding which entitle the holders to purchase an aggregate of 44,522,000 common shares of the Company exercisable at various prices from $0.10 to $0.20, expiring on various dates prior to the end of 2015.  As at the Effective Date, the Company will have share purchase warrants issued and outstanding entitling the holders to purchase an aggregate of 11,130,500 common shares of the Company exercisable at various prices from $0.40 to $0.80, expiring on various dates prior to the end of 2015.

ON BEHALF OF THE BOARD OF DIRECTORS OF
CANNON POINT RESOURCES LTD.

"GORDON KEEP"

CEO & DIRECTOR

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.

This new release may contain forward-looking statements.  These statements are based on current expectations and assumptions that are subject to risks and uncertainties.  Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.

For further information:

CONTACT INFORMATION
Gordon Keep
CEO & Director
Telephone:  604.609.6110

Profil de l'entreprise

Cannon Point Resources Ltd.

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