Benz Mining Corp. Announces Proposed Share Consolidation
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 14, 2017) - Benz Mining Corp. (the "Company") (NEX:BZ.H), is pleased to announce the details of a proposed consolidation of its common shares. On January 30, 2017, in accordance with the constating documents of the Company, the board of directors of the Company passed a resolution authorizing the consolidation of the issued and outstanding common shares of the Company on a 10:1 ratio (the "Consolidation")
Management believes that the Consolidation is in the best interest of the Company and will allow the Company greater possibilities with respect to future financings. Presently, the Company has 23,081,059 common shares issued and outstanding and if the Consolidation is approved and affected on a ten for one basis (which is the maximum consolidation ratio being considered by the Company), there will be 2,308,105 common shares issued and outstanding.
No fractional shares will be issued as a result of the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a common share will be rounded down to the nearest whole number of common shares and no cash consideration will be paid in respect of fractional shares.
The exercise price and number of common shares of the Company issuable upon the exercise of outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation.
The Company does not intend to change its name or seek a new stock trading symbol from the NEX board of the TSX Venture Exchange (the "Exchange") in connection with the Consolidation. The Consolidation remains subject to acceptance by the Exchange.
Following receipt of acceptance by the Exchange, the Company will complete the necessary filings in order to give effect to the Consolidation. Once completed, a letter of transmittal will be sent by mail to shareholders advising them that the Consolidation has taken effect and instructing them to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate formerly representing common shares will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the Consolidation.
On behalf of the Board of Directors of Benz Mining Corp.
Miloje Vicentijevic, President and Chief Executive Officer
Neither the 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 accuracy or adequacy of this release.
