VANCOUVER, Feb. 25, 2014 /CNW/ - Pacific Topaz Resources Ltd. (TSXV: PPZ.H) (the "Company") announces that the TSX Venture Exchange has approved a share consolidation of the outstanding share capital of the Company. On February 11, 2014, the Board of Directors approved a consolidation (the "Consolidation") of the Company's common shares on the basis of two (2) pre-Consolidation common shares for one (1) post-Consolidation common share. The reasons for the Consolidation are to increase the Company's flexibility and competitiveness in the market place and to make the Company's securities more attractive to a wider audience of potential investors.
The Consolidation will be effective at the open of the market on Thursday, February 27, 2014 (the "Effective Date"). The Company will not change its name as part of the Consolidation, but will issue new share certificates under a new CUSIP number, which is 694933300. The Company's common shares will continue to trade on the NEX Board of the TSX Venture Exchange under its current symbol "PPZ.H".
The Company currently has 14,241,063 common shares issued and outstanding. As at the Effective Date, the Company will have approximately 7,120,531 common shares issued and outstanding. Registered shareholders will receive a letter of transmittal from Computershare Investor Services Inc., the Company's transfer agent, with information on how to replace their old share certificates with the new share certificates. Brokerage firms will handle the replacement of share certificates on behalf of their shareholder's accounts.
ON BEHALF OF THE BOARD OF DIRECTORS
OF PACIFIC TOPAZ RESOURCES LTD.
President & CEO
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.
THIS NEW RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS. THESE STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND ASSUMPTIONS THAT ARE SUBJECT TO RISKS AND UNCERTAINTIES. ACTUAL RESULTS COULD DIFFER MATERIALLY BECAUSE OF FACTORS DISCUSSED IN THE MANAGEMENT DISCUSSION AND ANALYSIS SECTION OF OUR INTERIM AND MOST RECENT ANNUAL FINANCIAL STATEMENT OR OTHER REPORTS AND FILINGS WITH THE TSX VENTURE EXCHANGE AND APPLICABLE CANADIAN SECURITIES REGULATIONS. WE DO NOT ASSUME ANY OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS.
SOURCE: Pacific Topaz Resources Ltd.
For further information:
President & CEO
Tel: (604) 609-6110