NMC Resource Corporation

NMC Resource Corporation

November 17, 2010 13:56 ET

NMC Resource Announces Share Consolidation and Grant of Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2010) - NMC Resource Corporation (TSX VENTURE:NRC) ("NMC Resource") is pleased to announce that at a special meeting of shareholders of NMC Resource held on November 16, 2010, shareholders (each, a "Shareholder" and collectively, the "Shareholders") passed a special resolution approving a consolidation (the "Consolidation") of common shares (each, a "Share" and collectively, the "Shares") of NMC Resource on the basis of one (1) post-consolidation Share for up to every five (5) pre-consolidation Shares, subject to the approval of the TSX Venture Exchange (the "TSX-V"). An aggregate of 12,727,157 pre-consolidation Shares were represented at the said meeting either in person or by proxy, representing approximately 21.33% of 59,666,704 pre-consolidation issued and outstanding Shares as at record date for the said meeting, with 99.17% of the votes being cast in favour of the Consolidation. NMC Resource will make a required submission with the TSX-V requesting approval of the Consolidation and a further announcement will be made once such approval is obtained.

Implementation of the Consolidation will not materially affect the percentage ownership of the Shareholders; the Consolidation will merely proportionally reduce the number of Shares held by the Shareholders.

As at the date hereof, there are an aggregate of 132,583,334 pre-consolidation Shares issued and outstanding. It is expected that, upon implementation of the Consolidation, there will be an aggregate of approximately 26,516,666 post-consolidation Shares issued and outstanding. In the event the implementation of the Consolidation would otherwise result in the issuance of a fractional Share, no fractional Share will be issued and such fraction will be rounded up or down to the nearest whole number. In addition, the number of Shares issuable upon the exercise of any outstanding incentive stock options or any other convertible securities of NMC Resource will be proportionally adjusted upon the implementation of the Consolidation. Notwithstanding approval by the Shareholders, the board of directors of NMC Resource may, in its sole discretion, revoke the special resolution approving the Consolidation at any time prior to its implementation.

It is management's view that the Consolidation is in the best interests of the Shareholders, as it is anticipated that the post-consolidation market price per Share may facilitate further financing activities. In addition, management believes that the Consolidation will make investing in the Shares more attractive to a broader range of institutional investors and other members of the investing public. NMC Resource will not be changing its name or its trading symbol in conjunction with the Consolidation.

NMC Resource is also pleased to announce that it has granted a total of 3,000,000 incentive stock options (exercisable into 3,000,000 pre-consolidation Shares) to its directors, officers, employees and consultants under the Stock Option Plan. The incentive stock options granted are exercisable at $0.25 per Share for a term of 3 years. The said grant of incentive stock option is subject to TSX-V approval.

On behalf of the board of NMC RESOURCE CORPORATION

Yoo Sup Han, President and Director

Forward-Looking Statements: This news release includes certain forward-looking information and forward-looking statements (collectively "Forward-Looking Statements") concerning the future performance of the NMC Resource's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-Looking Statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-Looking Statements are based on the current opinions and expectations of management. All Forward-Looking Statements are inherently uncertain and subject to a variety of risks and uncertainties, including the speculative nature of mineral exploration and development generally and specifically in respect of the interpretation of the geology, continuity, grade and size of mineral deposits, unanticipated operational or technical difficulties, fluctuating commodity prices, competitive risks and the availability of financing, changes in laws or regulations, changes in the financial markets and changes in general economic conditions, as described in more detail in our recent securities filings available at www.sedar.com. Such Forward-Looking Statements are based on a number of assumptions, including but not limited to the level and volatility of the price of molybdenum, the availability of financing, the accuracy of reserve and resource estimates and the assumptions on which those estimates are based and the ability to achieve and maintain certain operational efficiencies. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual events or results may differ materially from those expressed or implied in the Forward Looking-Statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these Forward-Looking Statements, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • NMC Resource Corporation
    DH (Do Hyung) Kim
    (604) 643-1730
    (604) 642-6192 (FAX)