VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 16, 2014) - KARIANA RESOURCES INC. (CNSX:KAA) (the "Company") announces that its Board of Directors have approved a consolidation of the Company's issued and outstanding common shares on the basis of four (4) pre consolidation common shares for one (1) post-consolidated common share (the "Consolidation"). The Consolidation will provide the Company with a better capital structure in order to attract financing.
The Company intends to effect the Consolidation immediately.
The Company currently has 12,025,000 issued and outstanding common shares and the Company will have approximately 3,006,250 common shares issued and outstanding post-consolidation. The exact number of post-consolidated common shares will vary depending on the treatment of fractional shares which will occur when each shareholder's holdings in the Company are consolidated. Outstanding stock options and warrants would similarly be adjusted by the consolidation ratio.
The Company will not be changing its name and trading symbol in connection with the Consolidation.
A Letter of Transmittal with respect to the Consolidation will be mailed to the shareholders of the Company post consolidation describing the process by which shareholders may obtain new certificates representing their consolidated common shares.
The Company will provide further details of the regulatory approval process in due course.
On behalf of the board of directors of Kariana Resources Inc.
David Velisek, CEO & Director
The CNSX does not accept responsibility for the adequacy or accuracy of this release.