VANCOUVER, Nov. 19, 2013 /CNW/ - Canyon Copper Corp. ("Canyon") (TSXV: CNC) (OTCQB: CNYCF) announces that its shareholders will be asked to approve a consolidation of Canyon's issued and outstanding common shares at a ratio of up to fifteen (15) pre-consolidation shares to one (1) post-consolidation share at the Annual General and Special Meeting of Shareholders to be held on December 23, 2013. The Board of Directors is recommending shareholders approve the share consolidation in order to better position Canyon to finance its exploration and development activities on its mineral properties.
Canyon currently has an aggregate of 68,696,934 common shares issued and outstanding. If the share consolidation were undertaken at the ratio of 15 to 1, the issued and outstanding common shares would be approximately 4,579,795. Canyon does not intend to change its name in conjunction with the share consolidation.
If the consolidation is approved, the Board of Directors will have the authority to implement the consolidation at the ratio of up to 15 to 1 at any time and will be permitted, without further shareholder approval, to select a lower consolidation ratio if they deem it to be appropriate. Currently, the Board of Directors intends to implement the consolidation as soon as practicable following the approval of the consolidation by the shareholders and the TSX Venture Exchange. Notwithstanding approval of the consolidation by the shareholders, Canyon's directors, in their sole discretion, may abandon the consolidation without further approval, action by, or prior notice to shareholders.
The proposed consolidation is subject to the approval of the shareholders of Canyon and the TSX Venture Exchange.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Benjamin Ainsworth, President
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: Canyon Copper Corp.
For further information:
Canyon Copper Corp.
(604) 684-9365 (FAX)