VANCOUVER, June 27, 2013 /CNW/ - Jaxon Minerals Inc. has scheduled its next annual general meeting of shareholders for July 25, 2013. At the meeting, in addition to regular business, shareholders will be asked to consider resolutions to approve a consolidation of the company's shares on the basis of up to 10 preconsolidation shares for each postconsolidation share. The directors also advise that if deemed appropriate, the name of the consolidated company may be changed. The proposed consolidation and name change are both subject to acceptance by the TSX Venture Exchange.
Management believes that a share consolidation is necessary to provide the company with a capital structure that will facilitate equity and/or debt financing. The proposed share consolidation is expected to increase the market price of the company's common shares on a per-share basis by reducing the number of common shares outstanding. However, no assurance can be given as to the effect of the consolidation on the value of the company's common shares or as to the availability of additional financing following any consolidation. The consolidation ratio may be decreased to less than 1 to 10 at the discretion of the directors.
The company currently has 49,571,958 common shares outstanding. After giving effect to a 1-for-10 consolidation, the company would have approximately 4,957,195 shares outstanding.
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINERALS INC.
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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: Jaxon Minerals Inc.
For further information:
regarding Jaxon Minerals Inc., please contact Leif Smither or Fulvio Scrigner at 604-608-0400, Toll Free: 1-877-608-0007 or visit our website at www.Jaxonminerals.com.