VANCOUVER, Nov. 12, 2014 /CNW/ - Coronado Resources Ltd. (TSX-V: CRD) and (OTCQX: CRDAF) ("Coronado") announces that on October 23, 2014, Coronado's Board of Directors approved a share consolidation of the outstanding share capital of Coronado on the basis of seven (7) pre-consolidation common shares for one (1) post-consolidation common share (the "Consolidation"), and that the TSX Venture Exchange (the "TSX-V") has conditionally approved the Consolidation. Final approval of the Consolidation will be granted by the TSX-V following the issuance of this release, and the Consolidation will be effective at the open of the market on November 14, 2014.
As a result of the Consolidation, Coronado's currently issued and outstanding 79,273,092 common shares will be reduced to approximately 11,324,727 common shares. No fractional common shares will be issued as a result of the Consolidation. Instead, any fractional common shares will be rounded down to the nearest whole number of common shares. Coronado's name and trading symbols will remain unchanged.
Registered shareholders will receive a letter of transmittal from Coronado's transfer agent, Computershare Investor Services Inc. ("Computershare"), with information on how to exchange their old share certificates representing pre-Consolidation common shares with the new share certificates representing post-Consolidation common shares. Computershare will forward to each registered shareholder who has provided the required documents a new share certificate representing the number of post-Consolidation common shares to which the shareholder is entitled. Until surrendered, each share certificate representing pre-Consolidation common shares of Coronado will be deemed for all purposes to represent the number of whole post-Consolidation common shares to which the holder is entitled as a result of the Consolidation.
About Coronado Resources
Headquartered in Vancouver, Canada, Coronado Resources Ltd. is a controlled subsidiary (49%) of New Zealand oil and gas producer, TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF). Coronado generates revenues from its 100% owned and operated clean power generation business, which provides electricity to industry and residential customers in New Zealand.
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.
Cautionary Note Regarding Forward-Looking Statements:
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Coronado. Such statements can generally, but not always, be identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements and information concerning anticipated financial performance are based on management's assumptions using information currently available. In making the forward-looking statements in this news release, Coronado has applied certain factors and assumptions that are based on information currently available to Coronado as well as Coronado's current beliefs and assumptions made by Coronado. Although Coronado considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Although Coronado has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Coronado does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE: Coronado Resources Ltd.
For further information: Daniel Brown, CEO, Email: [email protected]ourcesltd.com, Phone at 604-683-6338