Gee-Ten Ventures Inc.
TSX VENTURE : GTV

Gee-Ten Ventures Inc.

January 26, 2010 14:31 ET

Gee Ten Ventures Announces a Proposed Consolidation of Shares and an Annual and Special Shareholders' Meeting

TORONTO, ONTARIO--(Marketwire - Jan. 26, 2010) - Gee-Ten Ventures Inc. ("Gee-Ten" or the "Corporation") (TSX VENTURE:GTV) announces that, subject to the approval of the TSX Venture Exchange, it intends to consolidate its issued and outstanding common shares (the "Common Shares") on the basis of one new share for every ten Common Shares issued and outstanding, in order to facilitate future financings.

The Corporation intends to hold an annual and special meeting of its shareholders on February 25, 2010 to approve such consolidation. The Corporation's shareholders will be asked to approve a special resolution authorizing an amendment to its articles so as to consolidate its issued and outstanding common shares. In order to be adopted, the special resolution must be approved by at least two-third of the votes cast by the holders of the common shares, either present in person or represented by proxy at the meeting.

As at January 25, 2010, there were 34,997,973 issued and outstanding Common Shares of the Corporation. The share consolidation would result in approximately 3,500,000 issued and outstanding Common Shares.

No fractional shares will be issued upon consolidation of the Common Shares. If as a result of the share consolidation a shareholder becomes entitled to a fractional Common Share, such fraction will be rounded down to the nearest whole number.

The exercise price and/or the number of Common Shares of the Corporation issuable under any of the Corporation's outstanding convertible securities, purchase warrants, stock options and any other similar securities will be proportionately adjusted upon the consolidation, and the number of Common Shares reserved for issuance under the Corporation's current stock option plan will be reduced proportionately upon such consolidation.

It will not be necessary for registered shareholders to return their share certificates to the Corporation after the share consolidation. Non-registered shareholders holding their Common Shares through a bank, broker or other nominee should note that such banks, brokers or other nominees may have various procedures for processing the share consolidation. If a shareholder holds Common Shares with such a bank, broker or other nominee and has any questions in this regard, the shareholder in encouraged to contact its nominee.

If the special resolution is adopted by the shareholders, articles of amendments will be filed if and when deemed advisable by the Board of Directors but no later than twelve months from the date of the management proxy circular. In this regard, the special resolution authorizes the Board of Directors to set a record date for the share consolidation, which the Corporation will announce by way of press release, all in accordance with the policies of the TSX Venture Exchange. There will not be a change of name of the Corporation in conjunction with the share consolidation Pursuant to the policies of the TSX Venture Exchange, it will be necessary for the Corporation to adopt a new stock symbol in connection with the share consolidation. The Corporation will announce the symbol by way of press release.

ABOUT GEE-TEN VENTURES INC:

Gee-Ten Ventures Inc. is a Canadian exploration Corporation, quoted for trading on tier 2 of the TSX Venture Exchange under the symbol GTV. The Corporation currently has 34,997,973 shares outstanding.

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.

Contact Information

  • Gee-Ten Ventures Inc.
    Marc Labrecque
    819-856-3598