BLAINE, WA, April 23, 2014 /CNW/ - BEESTON ENTERPRISES LTD. (OTCQB:BESE) (the "Company"), today announced that on April 18, 2014, its Board of Directors, with the approval of a majority of its shareholders, authorized a reverse stock split of one for ten (1:10) of the Company's issued and outstanding shares of common stock (the "Reverse Split"). The effectiveness of the Reverse Split (the "effective date") is subject to approval by the Financial Industry Regulatory Authority, Inc ("FINRA"). The shareholder record date will be the effective date as determine by FINRA and is expected to be April 28, 2014.
As a result of the Reverse Split, every 10 shares of the Company's pre-Reverse Split common stock will be consolidated into 1 share of its common stock. No fractional shares will be issued; however, each fractional share will be rounded up to the nearest whole share. The Company's authorized common stock will not be affected by the Reverse Split. Proportional adjustments will be made to the Company's outstanding warrants which will be adjusted to reflect the Reverse Split.
Shareholders holding shares in brokerage accounts will not be required to take any action once the Reverse Split becomes effective, as the number of their shares of the Company's stock will be automatically adjusted to reflect the number of shares as adjusted by the Reverse Split. Shareholders of record holding physical stock certificates will receive a Transmittal Letter once the reverse stock split becomes effective requesting that they surrender their old stock certificates for new stock certificates reflecting the adjusted number of shares resulting from the Reverse Split. ClearTrust, LLC, the Company's transfer agent, will act as agent for purposes of implementing the exchange of stock certificates. Stockholders can contact ClearTrust, LLC with any questions at (813)235-4490.
Beginning with the opening of trading on the effective date, the Company's common stock will trade on the OTCQB on a Reverse Split adjusted basis. The Company's trading symbol on the effective date will change to "BESED". The "D" will be removed 20 business days from that date and the symbol will revert to the original symbol of "BESE". The Company will issue a News Release announcing the effective date of the Reverse Split upon receipt of approval from FINRA.
The Board of Directors of the Company believes the Reverse Split is in the best interests of the Company for a number of reasons, including the need to meet the OTCMarkets soon to be introduced minimum bid price requirement that our common stock must have a minimum bid price of $0.01 per share as of the close of business for at least one of the previous thirty consecutive calendar days in order to qualify for quotation on OTCQB's trading system. There can be no assurance that the Reverse Split will have the desired effect of raising the bid price of the Company's common stock to $0.01 per share to meet this requirement.
ABOUT: BEESTON ENTERPRISES LTD.
Beeston Enterprises Ltd. is an exploration stage company, engaged in the acquisition, exploration, and development of mineral properties in Canada and the United States. It primarily explores for copper, gold, and silver properties and currently holds mineral tenures in Southern British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS of Beeston Enterprises Ltd.
Michael Upham, Director
SOURCE: Beeston Enterprises Ltd.
For further information: 1685 H Street, #219, Blaine, WA 98230-5110, Website: http://www.beestonenterprises.com, Phone: 775-629-2050