Northfield Inc.

July 04, 2005 17:59 ET

Northfield Reorganization Approved at its Annual and Special Meeting of Shareholders

TORONTO, ONTARIO--(CCNMatthews - July 4, 2005) - Northfield Inc. ("Northfield" or the "Corporation") announces that the various matters comprising the proposed reorganization of the Corporation were approved at the Corporation's annual and special meeting of shareholders held on June 30, 2005.

This reorganization included the following special resolutions: (i) a change in the name of the Corporation to Caprivi Resources Ltd. or such other name as may be approved by the board of directors of Northfield and applicable regulatory authorities; (ii) an amendment to the articles of the Corporation to consolidate the issued and outstanding common shares of Northfield on the basis of up to 60 old shares for one new share, with the actual consolidation ratio presently being implemented by the board of directors is 40 old shares for one new share; and (iii) an amendment to the stated capital whereby the stated capital will be reduced by the amount of the aggregate deficit of the Corporation being an amount not represented by the realizable assets of the Corporation. The above resolutions were all approved in the form presented in the Information Circular accompanying the Notice of the Meeting dated May 31, 2005. Each of the above resolutions is being implemented by the board of directors and is only subject to receiving the necessary regulatory approvals.

Contact Information

  • Northfield Inc.
    Thomas G. Larsen
    Chairman, President and C.E.O.
    (416) 360-8006 or (800) 360-8006
    (416) 361-1333 (FAX)
    or
    Northfield Inc.
    Jorge Estepa
    Vice President and Secretary
    (416) 360-8006 or (800) 360-8006
    (416) 361-1333 (FAX)