MacDonald Mines Proposes Share Split
TORONTO, July 11 2022 (GLOBE NEWSWIRE) — MacDonald Mines Exploration Ltd. (TSXV: BMK) (“MacDonald Mines“or the”Company”) is pleased to announce that it has mailed the materials relating to the annual and special meeting of shareholders of the Company to be held on August 9, 2022 (the “Meeting”). The Meeting Materials are available under the Company’s profile at www.SEDAR.com and at https://docs.tsxtrust.com/2052. At the Meeting, shareholders will notably be asked to consider a resolution approving a business combination (the “Consolidation proposal”) of the outstanding Class A common shares of the Company (theOrdinary actions”) on the basis of one (new) for ten (old) Ordinary Shares (up to 1:10). Approval of the Consolidation Proposal will provide the Board of Directors (the “Plank”) with the discretion to determine the actual basis of consolidation within this range. Please note that if the consolidation proposal is approved, there will be no more than one consolidation – there will be no successive consolidations without additional shareholder approval. In addition, approval of the Consolidation Proposal does not imply that a consolidation of common shares will occur, as the Board will have the discretion not to proceed with any consolidation of common shares if it is deemed within the interest of the Company not to do so. .
Proposed consolidation ratios
As of today, the Company has 258,963,516 common shares issued and outstanding. After the completion of the proposed combination, the number of common shares of the company issued and outstanding will depend on the ratio chosen by the board of the company. The following table sets forth the appropriate number of Common Shares that would be outstanding following the Consolidation based on the ratios suggested below.
|Selected proposed consolidation
|Approximate number of outstandings
(After Consolidation)(2) (3)
|1 for 2||129,481,758|
|1 for 3||86 321 172|
|1 for 5||51,792,703|
|1 for 7||36,994,788|
|1 for 10||25,896,352|
(1) The above ratios are for informational purposes only and are not indicative of the actual ratio that may be adopted by the board to effect the consolidation, which, if the consolidation resolution is approved, may be a new common stock for up to every ten (10) common shares issued and outstanding.
(2) The exact number of common shares outstanding after the consolidation will vary depending on the elimination of fractional shares and certain other factors.
(3) Based on the number of common shares outstanding on the date hereof, being 258,963,516 common shares.
The Board recommends that shareholders approve the Consolidation Proposal at the Meeting. The Company is not expected to change its name or stock symbol in conjunction with the Consolidation Proposal. All outstanding convertible securities such as stock options and warrants will also be affected by the consolidation proposal, if approved.
The Board proposes to reduce the number of common shares of the Company in order to increase its flexibility with respect to potential business transactions, including any equity financing, if the Board of Directors deems it necessary and/or desirable. The Combination is subject to the approval of the shareholders of the Company, any required regulatory approval and the approval of the TSX Venture Exchange.
Quentin Yarie, former president and CEO of MacDonald Mines and current director, has decided not to return to the meeting in order to concentrate on his other projects. MacDonald Mines would like to thank Mr. Yarie for all his contributions over the years and wish him well for the future.
About MacDonald Mines Exploration Ltd.
MacDonald Mines is a Canadian-based gold and base metals exploration company focused on exploring its wholly owned 19,720 ha (197 km2) SPJ project, 20 km southeast of prolific Sudbury mining camp in northern Ontario. The company’s aim is to locate what it theorizes to be large gold-bearing systems with high-grade gold surrounding the former producing Scadding gold mine and potential large gold-bearing structures around Alwyn, Glade. , MacLeod and Norstar. The Company is also focused on the main metal battery systems surrounding Candore and Jerome as part of the SPJ project to power the transition to renewables, particularly nickel, copper and PGEs. The demand and need for critical battery metals is at an all-time high, and MacDonald Mines believes the SPJ property area has the potential to be part of the solution.
This press release may contain certain “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied. understood by the forward-looking statements. statements. Any forward-looking statement speaks only as of the date of this press release and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking statement, whether as a result of future or other new information, events or results.
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To learn more about MacDonald Mines, please visit www.macdonaldmines.com
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