Golden Dynasty Resources Ltd.

Golden Dynasty Resources Ltd.

August 12, 2008 18:01 ET

Golden Dynasty Resources to Consolidate Shares 6 Old for 1 New

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2008) - The board of Directors of Golden Dynasty Resources Limited (TSX VENTURE:GLY) announces that it will seek regulatory approval for a six old for one new share consolidation.

Future equity financing is required in order for the Company to fund its operational working capital requirements and for future business purposes. It is the Directors' opinion, that the Company's existing issued and outstanding common share capital of 168,009,853 shares is not conducive to completing such additional equity financing and that a consolidation of the Company's share capital is required in order to facilitate attracting new equity investment in the Company. Following the consolidation the issued shares would be 28,001,642.

The proposed consolidation was approved by the shareholders of the company at the annual and special general meeting held on June 13, 2008 with 96.27% of the shares voting in favour of the resolution.

The Company will also seek regulatory approval to change the name of the company to "Columbus Energy Limited".

The timing of the consolidation and name change will be governed by the regulatory and transfer agent requirements. A news release will be issued when the date of consolidation has been determined.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

Contact Information

  • Golden Dynasty Resources Ltd.
    Douglas W. Scheving
    Director and Corporate Secretary
    (604) 684-7619
    (604) 684-7346 (FAX)