Danbel Ventures Inc.

December 16, 2011 16:01 ET

Danbel Share Consolidation and Name Change

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2011) - Danbel Industries Corporation ("Danbel" or the "Company") announces that it has changed its name to Danbel Ventures Inc. and consolidated its common share capital on the basis of one post-consolidation share for every ten pre-consolidation common share held.

The share consolidation and change of name was approved by the shareholders at the Company's Annual and Special Meeting held on June 3, 2011. The 6,670,499 pre-consolidation common shares of Danbel will be reduced to approximately 667,050 post-consolidation common shares. The exact number of post-consolidation shares will vary depending on the treatment of the fractional shares which will occur when each shareholder's holdings in the Company are consolidated. No fractional shares will be issued.

Letters of transmittal relating to the consolidation will be mailed to all registered shareholders by December 30, 2011. All registered shareholders of Danbel will be required to send their certificates representing pre-consolidation common shares with a properly executed letter of transmittal to the Company's transfer agent Equity Financial Trust Company ("Equity") in Toronto, Ontario, Shareholder Services, in accordance with the instructions provided in the letter of transmittal. Additional copies of the letter of transmittal may be obtained through Equity. All shareholders who duly complete letters of transmittal and submit their pre-consolidation share certificates to Equity will receive post-consolidation common share certificates. No certificates representing fractional post-consolidation common shares will be issued pursuant to the consolidation period. Any fractional share comprising: (i) less than one-half of one share will be deemed to have been tendered by the registered owner to Danbel by way of gift and for cancellation, and will be returned to the authorized but unissued share capital of Danbel; and (ii) greater than or equal to one-half of one share will be converted into one whole post-consolidation common share of Danbel.

Details of the share consolidation are set forth in Danbel's Information Circular which was mailed to shareholders on May 12, 2011 and filed on SEDAR (www.sedar.com).

Danbel continues to seek opportunities to acquire an operating business or complete a transaction and, if so, Danbel intends to make an application to list its shares on a stock exchange. There is no assurance that the Company will be successful in these endeavours.

Shares Outstanding: 6,670,499

Contact Information

  • Danbel Ventures Inc.
    Mr. Michael S. Singer