VANCOUVER, BC--(Marketwired - October 05, 2016) - Baja Mining Corp. ("Baja" or the "Company") (TSX VENTURE: BAJ) (OTCQB: BAJFF) wishes to announce that further to the approval received from shareholders of the Company at the annual and special meeting (the "Meeting") held on December 16, 2015, and as described in more detail in the management information circular of the Company dated November 4, 2015, based on market conditions and other factors the board of directors of the Company (the "Board") has authorized a consolidation of the issued and outstanding common shares of the Company (the "Common Shares") on the basis of one (1) post-consolidation Common Share for every twenty (20) pre-consolidation Common Shares (the "Consolidation"). In connection with the Consolidation, the Board has also decided to change the Company's name from "Baja Mining Corp." to "Camrova Resources Inc.".
As part of the Consolidation, the approximately 340.2 million Common Shares currently issued and outstanding will be reduced to approximately 17.0 million post-consolidation Common Shares. No fractional shares will be issued under the Consolidation. Each fractional share following the Consolidation that is less than one-half of a share will be cancelled and each fractional share that is at least one-half of a share will be rounded up to the nearest whole share. The exercise or conversion price and the number of shares issuable under any of the Company's outstanding stock options and convertible instruments will be proportionately adjusted upon completion of the Consolidation. A letter of transmittal will be sent to registered shareholders providing instructions to surrender the certificates evidencing their Common Shares for replacement certificates representing the number of post- consolidation Common Shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate representing Common Shares prior to the Consolidation 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.
The Consolidation is subject to the approval of the TSX Venture Exchange (the "TSXV") and the pre- consolidation Common Shares will continue to be traded on the TSXV under the current trading symbol "BAJ" until the effective date of the Consolidation and name change. Upon receipt of TSXV approval for the Consolidation, the Company will provide further details, including the effective date of the Consolidation and name change, and the commencement date for trading of the Common Shares on a post-consolidated basis under the Company's new name and trading symbol.
About Baja Mining
Baja Mining Corp. is a Canadian mining company. Baja, through Minera y Metalurgica del Boleo S.A.P.I. de C.V. (MMB), currently owns a 10% interest in the Boleo copper-cobalt-zinc-manganese project located in Baja California Sur, Mexico. The Boleo project is producing copper, cobalt and zinc and the commissioning phase of the processing plant has been declared competed. The Company is working to identify and evaluate alternative project opportunities that are consistent with its technical expertise and have the potential for near-term generation of cash flow or value creation.
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.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements or forward-looking information (forward-looking statements). These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical fact. Forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release are based on our current estimates, expectations and projections, which the Company believes are reasonable as of the current date. Actual results could differ materially from those anticipated or implied in the forward-looking statements and as a result undue reliance should not be placed on forward-looking statements. Additional risks and uncertainties can be found in the Company's reporting documents filed on SEDAR (www.sedar.com), including its Management Discussion and Analysis. Forward-looking statements are given only as at the date of this press release and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.