CALGARY, ALBERTA--(Marketwired - March 31, 2017) - Northern Abitibi Mining Corp. ("Northern Abitibi" or the "Corporation") (TSX VENTURE:NAI) announces that it has received approval of the TSX Venture Exchange to change its name to CANEX Metals Inc. and to consolidate the Corporation's issued and outstanding common shares on the basis of five (5) pre-consolidation shares for one (1) post-consolidation share (the "Consolidation"). The number of post-Consolidation shares issued and outstanding will be 21,461,425 common shares.
Effective at the opening of trading on April 3, 2017, the Company's pre-Consolidation common shares will be delisted and the post-Consolidation common shares will commence trading under the name CANEX Metals Inc. The Corporation's trading symbol will be changed to CANX.
DRS Advices representing the post-consolidation common shares will be issued using the Effective Date on a "push-out" basis with a notice describing the change. Share certificates representing the Northern Abitibi shares shall be cancelled on the Effective Date.
No fraction post-Consolidation common shares will be issued pursuant to the Consolidation. All fraction shares resulting from the consolidation will be rounded down to the nearest whole number and no cash consideration will be paid in respect of fractional shares. The exercise price and the number of common shares issuable under any of the Company's outstanding warrants or stock options will be proportionately adjusted upon the Consolidation.
Shane Ebert, President/Director
Neither the 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.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Northern Abitibi's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Northern Abitibi. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Northern Abitibi's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Northern Abitibi's filings with the Canadian securities authorities. Accordingly, holders of Northern Abitibi shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Northern Abitibi disclaims any responsibility to update these forward-looking statements.