VANCOUVER, July 27, 2016 /CNW/ - Alternative Earth Resources Inc. (the "Company" or "AER") (TSX.V: AER) announced that the Company intends to amend its share structure by consolidating its issued and outstanding common shares.
Under the proposed consolidation, two (2) existing common shares will be consolidated into one (1) new common share (the "Consolidation"). The Company currently has 26,132,119 common shares issued and outstanding which will be reduced to approximately 13,066,059 common shares. Fractional shares remaining after giving effect to the Consolidation will be cancelled without compensation, such that the holdings of each shareholder will be rounded down to the nearest whole number of post-Consolidation common shares.
In accordance with the Articles of the Company, the Board of Directors of the Company (the "Board") has the authority to effect the Consolidation by directors' resolution. The Board passed a resolution authorizing the Consolidation at a meeting held on July 26, 2016. The Consolidation is subject to the acceptance of the TSX Venture Exchange. The Company will issue a further news release indicating the record date of the Consolidation and the date on which the Company's shares will commence trading on a post-Consolidation basis. The name of the Company will not be changed as a result of the Consolidation.
The Board believes that the Consolidation is in the best interests of the Company as it will facilitate the process, which is currently underway, to find and complete a mineral property transaction.
Neither the 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 Alternative Earth Resources Inc.
For further information: Information Contact: Brian D. Fairbank, P. Eng. President & CEO, http://www.alternative-earth.com, Telephone: 604-688-1553, Toll Free: 866-688-0808, Email: [email protected]; AER Investor Inquiries: Telephone: 604-688-1553, Toll Free: 866-688-0808, Email: [email protected]