VANCOUVER, Nov. 19, 2013 /CNW/ - 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
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
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,
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.
For further information:
Canyon Copper Corp.
(604) 684-9365 (FAX)