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CALGARY, July, 23, 2014 /CNW/ - CMQ Resources Inc. ("CMQ") is pleased to announce that CMQ has completed its previously announced consolidation (the "Consolidation") of common shares in the capital of CMQ ("Common Shares"). Articles of Amendment to effect the Consolidation were filed earlier today. Under the terms of the Consolidation, all Common Shares were consolidated on a 21,000,000 to one (1) basis and any holders of fractional pre-Consolidation Common Shares will receive CAD$0.02 in cash for each pre-Consolidation Common Share previously held. As a result of the Consolidation, Matco Investments Ltd. ("Matco"), previously the holder of 49.79% of the issued and outstanding Common Shares, was the only CMQ shareholder to be issued a post-Consolidation Common Share and as a result has become the sole shareholder of CMQ.
The Consolidation is more fully described in the management information circular of CMQ dated June 23, 2014 and the accompanying materials (collectively, the "Meeting Materials") which may be viewed under CMQ's profile on SEDAR at www.sedar.com.
With the completion of the Consolidation, CMQ has applied to have the Common Shares delisted from the TSX Venture Exchange.
Registered Shareholders are encouraged to complete, execute and submit the Letter of Transmittal in their Meeting Materials as soon as possible in order to receive the consideration to which they are entitled to under the Consolidation. Any questions and requests for assistance in respect of the Letter of Transmittal may be directed to Computershare Investor Services Inc. at its telephone numbers and locations set out in the Letter of Transmittal.
This press release contains forward-looking statements within the meaning of Canadian securities laws. These forward-looking statements contain statements of intent, belief, or current expectations of CMQ. Forward-looking information is often, but not always identified by the use of such words as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook.
The forward-looking statements included in this press release, including statements concerning the Consolidation, are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements.
Risks and uncertainties that may cause such difference include but are not limited to: the possibility that legal proceedings may be instituted against CMQ and/or others relating to the Consolidation and the outcome of such proceedings; and risks related to the divergence of management's attention from CMQ's ongoing business operations. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
The forward-looking statements in this press release are made as of the date it was issued and CMQ does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that outcomes implied by forward-looking statements will not be achieved. CMQ cautions readers not to place undue reliance on these statements.
SOURCE: CMQ Resources Inc.
For further information: Ryan Jennings, Corporate Secretary, CMQ Resources Inc., Tel: (403) 294-0101.