TORONTO, ONTARIO--(Marketwired - Nov. 21, 2016) - MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) (the "Company" or "MacDonald Mines") is pleased to announce that it has received TSX Venture Exchange ("TSXVE") approval for the consolidation of the Class A common shares (the "Common Shares") of the Company (the "Consolidation"). As previously announced in a press release dated November 11, 2016, shareholders of the Company approved a special resolution authorizing the Board of Directors to consolidate the Common Shares of the Company. The Board of Directors has confirmed the Company's intention to proceed with a one (1) new for every ten (10) old consolidation (10:1) of its Common Shares (the "Conversion Ratio"). There will be no name change in conjunction with the Consolidation. The Company will continue to trade under the symbol "BMK" on the TSXVE. The new ISIN number for the Consolidated Shares is CA 5543244001 and the new CUSIP number is 554324400. 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.
The shares will begin trading on the TSXVE on a post-consolidated basis effective at the open of trading on November 22, 2016. No fractional shares will be issued in connection with the Consolidation. MacDonald Mines has mailed letters of transmittal to its registered shareholders so they may submit their old certificates in order to obtain new common share certificates on a post-Consolidation basis. Registered Shareholders should follow the instructions on the Letter of Transmittal in order to exchange their old pre-Consolidation share certificates for post-Consolidation share certificates. 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.