VANCOUVER, July 17, 2015 /CNW/ - Compliance Energy Corporation ("Compliance" or the "Corporation") announces a proposed consolidation of its share capital on the basis of one (1) new common share without par value for every ten (10) existing common shares without par value (the "Share Consolidation"), so that the issued and outstanding common shares of the Corporation are altered from [78,139,283] common shares without par value to approximately [7,813,928] common shares without par value, subject to adjustment for any further share issuances made by the Corporation prior to the Share Consolidation being made effective. The Corporation does not intend to change its name in conjunction with the Share Consolidation. Management of the Corporation believes that the Share Consolidation will better position the Corporation to raise the funds it requires to finance its ongoing business activities including the acquisition of mineral properties and exploration and development of its properties.
At the annual and special meeting held on June 26, 2015, the shareholders of the Corporation approved the Share Consolidation. The Management Proxy Circular containing the full details of the Share Consolidation is available via SEDAR under Compliance's issuer profile at www.sedar.com.
The Company plans to implement the Share Consolidation, subject to the acceptance by the TSX Venture Exchange.
On behalf of the Board,
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release may include certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements.
SOURCE Copper Mountain Mining Corporation