VANCOUVER, Feb. 25, 2015 /CNW/ - Colibri Resource Corporation ("Colibri" or the "Company") (TSX-V: CBI) today announced that, at its Annual and Special Meeting of shareholders to be held on Friday, March 20, 2015 (the "Meeting"), the Company will be seeking shareholder approval for a resolution authorizing the consolidation of its Common Shares on a basis of one (1) post-consolidation Common Share for up to 15 pre-consolidation Common Shares (the "Consolidation"). It will be proposed, that for each 15 Common Shares currently held by a Colibri shareholder, the shareholder will receive one Common Share. Completion of the Consolidation is subject to the approval of the Company's shareholders by special resolution at the Meeting as well as approval of the TSX Venture Exchange. The Consolidation will not materially affect shareholders' percentage ownership in the Company even though such ownership will be represented by a smaller number of Common Shares. As at the date hereof, there are an aggregate of 50,236,010 Common Shares issued and outstanding. It is expected that upon completion of the Consolidation an aggregate of approximately 3,349,067 Common Shares will be issued and outstanding. The Company's name will not change in connection with the Consolidation.
The Company's board of directors considers it advisable to effect the Consolidation in order to provide the Company with increased flexibility to seek additional financing opportunities and/or to pursue strategic transactions.
Additional information relating to the proposed Consolidation is included in the management information circular of the Company dated February 19, 2015, which is available on the Company's SEDAR profile at www.sedar.com.
Colibri Resources is a Canadian exploration company focused on the exploration and development of base and precious metal projects in Mexico.
Caution Regarding Forward-Looking Information
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. In particular, this News Release makes reference to the proposed Consolidation and the effect thereof on the Company's flexibility to seek additional financing opportunities and to pursue strategic transactions. Readers are cautioned that there is no assurance that the Consolidation referenced herein will proceed. Certain conditions must be met before the Consolidation is effected. Such conditions include the receipt of all necessary Shareholder and regulatory approvals, including the approval of the TSX Venture Exchange. There is no assurance that the required Shareholder and regulatory approvals will be received. If such approvals are not obtained, this could have an adverse effect on the Company. Many factors could cause the performance or achievement by Colibri to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. These factors include the failure to obtain the required approvals. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this New Release are expressly qualified by this cautionary statement. Except as required by law, the Company assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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 Colibri Resource Corporation
For further information: Lance Geselbracht, P.E., President and Chief Executive Officer, Tel: (250) 755-7871