TORONTO, ONTARIO--(Marketwired - Nov. 11, 2016) - MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) ("MacDonald Mines" or the "Company") announces that it will proceed with a one (1) new for every ten (10) old consolidation (10:1) (the "Conversion Ratio") of its Class A common shares (the "Consolidation") subject to the approval of the TSX Venture Exchange ("TSXVE"). This follows the approval of the Consolidation by the Company's shareholders at its Annual and Special Meeting held on June 15, 2015, and a decision by the Board of Directors to proceed with the Consolidation. There will be no name change in conjunction with the Consolidation.
The Company will continue to trade under the symbol "BMK" on the TSXVE. There are currently 302,743,090 Common Shares outstanding; after giving effect to the Consolidation there will be approximately 30,274,309 Common Shares outstanding.
Management believes the share consolidation is in the best interest of shareholders. It will improve MacDonald Mines' ability to attract new investors and to raise the capital required to identify, acquire and advance new projects.
The shares will begin trading on the TSXVE on a post-consolidated basis on a date to be determined by consultations with the TSXVE. No fractional shares will be issued in connection with the Consolidation. Letters of transmittal describing the process by which shareholders may obtain new certificates representing their consolidated common shares will be mailed shortly to registered shareholders. Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the Conversion Ratio through each shareholder's brokerage accounts. Non-registered shareholders should consult their broker for further information.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd is a mineral exploration company headquartered in Toronto, Ontario, Canada. Previously focused on Copper and Zinc (VMS), and Nickel exploration in the Ring of Fire region of Northern Ontario, the company is now directing its efforts towards the identification, acquisition and development of projects that demonstrate the greatest market potential for return.
To learn more about MacDonald Mines, please visit www.macdonaldmines.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of MacDonald Mines. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from MacDonald Mines plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by MacDonald Mines with the TSX Venture Exchange and securities regulators. MacDonald Mines does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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.