Mukuba Announces Mailing of Meeting Materials and Details of Proposed Share Consolidation
05 Agosto 2012 - 2:06PM
PR Newswire (Canada)
TORONTO, Aug. 7, 2012 /CNW/ - Mukuba Resources Limited ("Mukuba" or
the "Company") announced today that it has received confirmation of
the mailing to shareholders of its management information circular
for a special meeting (the "Meeting") to consider the previously
announced consolidation of the Company's outstanding common shares
(the "Common Shares") at a ratio of four pre-consolidation Common
Shares for one post-consolidation Common Share (the
"Consolidation") and the compensation payment to be paid to the
directors and Chief Executive Officer of the Company. The Meeting
is scheduled to occur on August 30, 2012 with a record date of July
30, 2012 (the "Record Date"). As at the Record Date, the authorized
share capital of the Company consisted of an unlimited number of
Common Shares of which 77,279,639 Common Shares were outstanding.
After the Consolidation, the authorized share capital will continue
to consist of an unlimited number of Common Shares without par
value, of which approximately 19,319,909 Common Shares in the
capital of the Company would be issued and outstanding, provided
that the Consolidation is completed on the basis of one (1) new for
four (4) old Common Shares without par value, as currently
proposed. No fractional Common Shares will be issued as a result of
the Consolidation. In the event that a given shareholder's holdings
would result in the issuance of fractional Common Shares, the
holdings of the shareholder would be rounded down to the nearest
whole number of Common Shares. The Company's name and stock trading
symbol will not change in connection with the Consolidation.
Management is proposing the Consolidation in order to facilitate
raising additional capital. The Company has announced a private
placement of units, consisting of Common Shares and Common Share
purchase warrants that is expected to close on or about September
12, 2012 (the "Private Placement"). The Private Placement is
conditional on the approval and implementation of the
Consolidation. Completion of the Consolidation and the payment to
the directors and Chief Executive Officer of the Company are each
subject to the receipt of all required regulatory and shareholder
approvals, including acceptance by the TSX Venture Exchange. About
the Company Mukuba is a Canadian mining company focused on the
exploration and development of certain African base metal assets
alone and through a joint venture partner. These assets include a
100% interest in the Northcore Project, which is licensed for both
copper and cobalt and encompasses approximately 2,274 square km of
geologically prospective ground in the Central African Copperbelt
region of Zambia. Mukuba is also a party to a joint venture with
Benzu Resources Limited to explore and develop a copper and base
metals project in the Democratic Republic of the Congo. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-looking Information Securities regulators encourage
companies to disclose forward-looking information to help investors
understand a company's future prospects. This press release
contains statements about our future business and planned
activities, including matters relating to the Consolidation, future
shareholder meetings and the compensation payment to the directors
and Chief Executive Officer of the Company. These are
"forward-looking" because we have used what we know and expect
today to make a statement about the future. Forward-looking
statements usually include words such as may, intend, plan, expect,
anticipate, believe or other similar words. We believe the
expectations reflected in these forward-looking statements are
reasonable. However, actual events and results could be
substantially different because of the risks and uncertainties
associated with our business or events that happen after the date
of this press release. You should not place undue reliance on
forward-looking statements. As a general policy, we do not update
forward-looking statements except as required by securities laws
and regulations. Mukuba Resources Limited CONTACT: Kelly Ehler,
interim President and CEOTEL: +1 (416) 368 4013FAX: +1 (416) 603
9200Email: info@mukubaresources.com
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