VANCOUVER, Sept. 28, 2011 /CNW/ - Cannon Point Resources Ltd. (TSXV: CNP) (the "Corporation") announces that it has convened a meeting of its
shareholders to be held on October 27, 2011 at which it will seek
shareholder approval to its proposed share consolidation.
The Corporation will be seeking, by special resolution, the approval of
its shareholders to consolidate its outstanding share capital on the
basis of 4 pre-consolidation shares for 1 post-consolidation share. The
reasons for the consolidation are to increase the Corporation's
flexibility and competitiveness in the market place and to make the
Corporation's securities more attractive to a wider audience of
The Corporation currently has 137,035,586 common shares issued and
outstanding, and after the consolidation, the Corporation will have
approximately 34,258,896 common shares issued and outstanding. The
Corporation is not expected to change its name in conjunction with the
consolidation. The completion of the consolidation remains subject to
shareholder and regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CANNON POINT RESOURCES LTD.
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:
CEO & Director
Tel: (604) 609-6110